S.L. 1969-850

NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

CHAPTER 850

HOUSE BILL 1152

AN ACT AMENDING CHAPTER 162A OF THE GENERAL STATUTES, THE SAME BEING THE NORTH CAROLINA WATER AND SEWER AUTHORITIES ACT.

The General Assembly of North Carolina do enact:

Section 1. Chapter 162A of the General Statutes, the same being the North Carolina Water and Sewer Authorities Act, is hereby amended as follows:

(a) G.S. 162A-2 is hereby amended by adding thereto the the following subsection:

"(8a) The word 'revenues' shall mean all moneys received by an authority from or in connection with any sewer system or water system including, without limitation, any moneys received as interest

(b) G.S. 162A-4 is hereby amended by rewriting the first paragraph thereof to read as follows:

"A certified copy of each such resolution signifying the desire of a political subdivision to withdraw from or to join an existing authority, together with proof of publication of the notice of hearing on each such resolution and, in cases where such resolution provides for the political subdivision joining the authority, certified copies of the resolution of the governing bodies creating the authority consenting to such joining shall be filed with the Secretary of State of North Carolina."

"162A-5. Members of authority; organization; quorum.

"Each authority organized under this chapter shall consist of the number of members as may be agreed upon by the participating political subdivision, such members to be selected by the respective political subdivision. A proportionate number (as nearly as can be I of members of the authority first appointed shall have terms expiring two years, four years and six years respectively from the date on which the creation of the authority becomes effective. Successor members and members appointed by a political subdivision subsequently joining the authority shall each be appointed for a term of six years, but any person appointed to fill the vacancy shall be appointed to serve only for the unexpired term and any member may be reappointed. Appointments of successor members shall, in each instance, be made by the governing body of the political subdivision appointing the member whose successor is to be appointed. Any member of the authority may be removed, with or without cause, by the governing body appointing said member.

(d) G.S. 162A-6 is hereby amended by adding thereto the following subsection:

"(12a) To receive and accept from any federal, state or other public agency and any private agency, person or other entity, donations, loans, grants, aid or contributions of any money, property, labor or other things of value for any sewer system or water system, and to agree to apply and use the same in accordance with the terms and conditions under which the same are provided."

(e) G.S. 162A-8 is hereby amended by striking out the words and figures: "five per centum (5%)" as it appears in two places in the first paragraph thereof, and substituting therefor the words and figures: "seven per centum (7%)," and by adding the following sentence at the end of said first paragraph:

"The limitation set forth above on the interest rate or rates which bonds issued hereunder shall bear shall not apply to any issue of bonds with respect to which any federal, State or other public agency shall have agreed to make annual interest grants to an authority, and in calculating the amount of interest required to be paid on the money received for such bonds within the limitation stated in the next preceding sentence the total of such annual interest grants shall be deducted from the total amount of interest on such bonds."

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

Sec. 3. 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 16th day of June, 1969.