NORTH CAROLINA GENERAL ASSEMBLY

1961 SESSION

 

 

CHAPTER 663

HOUSE BILL 846

 

 

AN ACT TO REWRITE G.S. 153‑111 AND G.S. 160‑398 AUTHORIZING THE DESTRUCTION OF PAID BONDS AND COUPONS OF COUNTIES, CITIES AND TOWNS.

 

The General Assembly of North Carolina do enact:

 

Section 1.  G.S. 153‑111 is hereby rewritten to read as follows:

"153‑111.  Destruction of paid bonds and interest coupons. All paid bonds and interest coupons of a county may, in the discretion of the board of county commissioners, be destroyed in acordance with one of the following methods:

Method 1. Before any such bonds and coupons are destroyed as hereinafter provided the county accountant shall make a descriptive list of the same in a substantially bound book kept by him for the purpose of recording destruction of paid bonds and coupons. Said list shall include, with respect to bonds, (a) designation or purpose of issue, (b) date of issue, (c) bond numbers, (d) denomination, (e) maturity date and (f) total principal amount and, with respect to coupons, the designation or purpose of issue and date of bonds to which such coupons appertain, the maturity date of such coupons and, as to each such maturity date, the denomination, quantity and total amount of coupons. After such list has been made the paid bonds and coupons so described shall be destroyed, either by burning or by shredding, in the presence of the chairman of the board of county commissioners, the county accountant, the county attorney and the clerk of the board of county commissioners, each of whom shall certify under his hand in such book that he saw such bonds and coupons so destroyed. No paid bonds or coupons shall be so destroyed within one year from their respective maturity dates.

Method 2. The board of county commissioners may contract with any bank or trust company, acting as agent of the county for the payment of its outstanding bonds and coupons, for the destruction, as hereinafter provided, of bonds and interest coupons which are paid and canceled by such paying agent or by a co-paying agent. The contract shall substantially provide, among such other stipulations and provisions as may be agreed upon, that the paying agent shall furnish the county, periodically or from time to time, with a written certificate of destruction containing a description of bonds and coupons destroyed, including, with respect to bonds,(a) designation or purpose of issue, (b) date of issue, (c) bond numbers,(d) denomination, (e) maturity date and (f) total principal amount and, with respect to coupons, designation or purpose of issue and date of bonds to which such coupons appertain, the maturity date of such coupons and, as to each such maturity date, the denomination, quantity and total amount, and certifying that such paid and canceled bonds and coupons have been destroyed either by burning or by shredding. No paid and canceled bonds or coupons shall be destroyed within one year after their respective maturities. Each such certificate shall be filed by the county accountant among the permanent records of his office.

The provisions of G.S. 121‑5 and 132‑3 shall not apply to the paid bonds and coupons referred to in this Section."

Sec. 2.  G.S. 160‑398 is hereby rewritten to read as follows:

"160‑398.  Destruction of paid bonds and interest coupons. All paid bonds and interest coupons of a municipality may, in the discretion of the governing body, be destroyed in accordance with one of the following methods:

Method 1. Before any such bonds and coupons are destroyed as hereinafter provided the treasurer of the municipality shall make a descriptive list of the same in a substantially bound book kept by him for the purpose of recording destruction of paid bonds and coupons. Said list shall include, with respect to bonds, (a) designation or purpose of issue, (b) date of issue, (c) bond numbers, (d) denomination, (e) maturity date and (f) total principal amount and, with respect to coupons, the designation or purpose of issue and date of bonds to which such coupons appertain, the maturity date of such coupons and, as to each such maturity date, the denomination, quantity and total amount of coupons. After such list has been made the paid bonds and coupons so described shall be destroyed, either by burning or by shredding, in the presence of the mayor, the treasurer of the municipality and the municipal attorney, each of whom shall certify under his hand in such book that he saw such bonds and coupons so destroyed. No paid bonds or coupons shall be so destroyed within one year from their respective maturity dates.

Method 2. The governing body may contract with any bank or trust company, acting as agent of the municipality for the payment of its outstanding bonds and coupons, for the destruction, as hereinafter provided, of bonds and interest coupons which are paid and canceled by such paying agent or by a co-paying agent. The contract shall substantially provide, among such other stipulations and provisions as may be agreed upon, that the paying agent shall furnish the municipality, periodically or from time to time, with a written certificate of destruction containing a description of bonds and coupons destroyed, including, with respect to bonds, (a) designation or purpose of issue, (b) date of issue, (c) bond numbers, (d) denomination, (e) maturity date and (f) total principal amount and, with respect to coupons, designation or purpose of issue and date of bonds to which such coupons appertain, the maturity date of such coupons and, as to each such maturity date, the denomination, quantity and total amount, and certifying that such paid and canceled bonds and coupons have been destroyed either by burning or by shredding.

No paid and canceled bonds or coupons shall be destroyed within one year after their respective maturities. Each such certificate shall be filed by the treasurer of the municipality among the permanent records of his office.

The provisions of G.S. 121‑5 and 132‑3 shall not apply to the paid bonds and coupons referred to in this Section."

Sec. 3.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 4.  This Act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 6th day of June, 1961.