NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

CHAPTER 568

HOUSE BILL 851

AN ACT RELATING TO THE ISSUANCE OF BONDS BY CABARRUS COUNTY FOR SCHOOL PURPOSES AND RE-ENACTING AND AMENDING CHAPTER 602 OF THE SESSION LAWS OF 1963 LIMITING THE AMOUNT OF BONDS CABARRUS COUNTY IS AUTHORIZED TO ISSUE FOR SCHOOL PURPOSES.

The General Assembly of North Carolina do enact:

Section 1. The Board of Commissioners for the County of Cabarrus is hereby authorized and empowered to pass a bond order or orders authorizing the issuance of bonds of said County for school purposes pursuant to the provisions of The County Finance Act (Article IX of Chapter 153 of the General Statutes of North Carolina) notwithstanding any limitation contained in Section 153-87 of The County Finance Act, or any limitation contained in any other provisions of law as to the maximum which may be issued, if it appears from the sworn statements filed pursuant to Section 153-83 of The County Finance Act that the net school indebtedness does not exceed eight percent (8%) of the assessed valuation of said County, unless the bonds to be issued are funding or refunding bonds, in which event such limitation shall not apply.

Sec. 2. Chapter 602 of the Session Laws of 1969 is hereby re- enacted and amended by renumbering Sections 2 and 3 as Sections 3 and 4, respectively, and inserting in said Chapter a new Section 2 to read as follows:

"Sec. 2. The powers granted by this Act are in addition to and not in substitution for any other powers heretofore or hereafter granted to said County."

Sec. 3. Chapter 137, Session Laws of 1969, and all other laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.

Sec. 4. This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 23rd day of May, 1969.