1955_session laws_1092_10
CHAPTER 1091 AN ACT TO AUTHORIZE AND EMPOWER THE CITY OF DURHAM TO CREATE AND ESTABLISH A CAPITAL RESERVE FUND, AND TO MAKE CERTAIN APPROPRIATIONS TO SAID FUNDS AND TO PROVIDE FOR THE WITHDRAWAL AND USE OF SUCH FUNDS FOR PUBLIC PURPOSES. The General Assembly of North Carolina do enact: WHEREAS, municipalities should be encouraged where possible to finance capital improvements from budget appropriations rather than from borrowing; and, WHEREAS, the authority to set apart and earmark current revenues in capital reserve funds for future improvements would enable municipali- ties to meet minor improvements on a pay-as-you-go basis where the cost of borrowing would be high in comparison to the cost of the improvement, and would enable municipalities to meet all or part of the cost of major improvements on a pay-as-you-go basis so as to conserve their borrowing capacity; and, now, therefore,
In the event that an emergency arises which in the opinion of the governing body involves the health, safety, or welfare of the inhabitants of the municipality, necessitating the immediate expenditure of all or any portion of such Capital Reserve Fund for one or more of the purposes for which the Fund was created, a withdrawal may be made from the Fund by resolution of the governing body without publication as provided for in the preceding Section. Such resolution shall declare that an emergency exists and set forth such facts as are necessary to show that such emergency does exist.