NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

CHAPTER 816

HOUSE BILL 961

AN ACT TO AMEND G.S. 54-44.8 TO PERMIT INVESTMENT IN BONDS OR OTHER EVIDENCES OF INDEBTEDNESS OF COUNTIES AND MUNICIPALITIES OF THE STATE OF NORTH CAROLINA.

The General Assembly of North Carolina do enact:

Section 1.  G.S. 54-44.8 is hereby amended by substituting a semicolon for the period at the end of subsection (5), and adding an additional paragraph, to be designated as sub-paragraph (h), to sub-section 5 as follows:

"(h)       Bonds or other evidences of indebtedness of counties and municipalities of the State of North Carolina; provided, that said bonds or other evidences of indebtedness of such counties and municipalities shall have a rating by Moody's Investors Services, Inc., of not less than AA, and a rating by the North Carolina Municipal Council, Inc., of not less than ninety (90) points out of one hundred (100) points."

Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 12th day of June, 1969.