1939_public laws_232_3
CHAPTER 231 AN ACT TO AMEND THE MUNICIPAL FINANCE ACT, ONE THOUSAND NINE HUNDRED AND TWENTY-ONE, AS AMENDED, THE COUNTY FINANCE ACT, AS AMEND- ED, THE LOCAL GOVERNMENT ACT, AS AMENDED, AND THE ACT PROVIDING FOR FUNDING AND RE- FUNDING DEBTS OF LOCAL UNITS OF GOVERNMENT OTHER THAN COUNTIES, CITIES AND TOWNS, AS AMENDED, RELATING TO FUNDING AND REFUND- ING OF NOTES AND BONDS. The General Assembly of North Carolina do enact:
That the County Finance Act, being Chapter eightyone of the Public Laws of one thousand nine hundred and twentyseven, as amended, be and the same is hereby amended as follows: (a) Amend Section five by adding at the end thereof the following: In addition to the foregoing powers, a county may borrow money for the purpose of refunding or funding the principal or interest of bonds due or to become due within four months and not otherwise adequately provided for, and such loans shall be paid not later than the end of the next succeeding fiscal year following the fiscal year within which they are made: Provided, however, if such loans, or any renewals thereof, shall not be paid within the fiscal year in which the same are made, the governing body shall in the next succeeding fiscal year levy and collect a tax ad valorem upon the taxable property in the county sufficient to pay the principal and interest thereof. (b) Amend Section six by adding at the end thereof the following: The resolution authorizing issuance of notes for money borrowed under Section five of this Act for the purpose of refunding or funding principal or interest of bonds shall contain a description of the bonds the principal or interest of which is to be so paid, including the respective amounts of such principal or interest and the date or dates on which the same is due and payable. (c) Amend clause (j) of Section eight by striking out in the last sentence thereof the words One thousand nine hundred thirty-eight and inserting in lieu thereof the words One thousand nine hundred forty. (d) Amend Section thirty-two by substituting a colon for the period at the end thereof and adding the following: Provided, however, that funding or refunding bonds heretofore or hereafter authorized may be issued at any time within five years after the order takes effect.