NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

 

 

CHAPTER 580

HOUSE BILL 1041

 

 

AN ACT TO AMEND G.S. 143-49(4) SO AS TO ESTABLISH AN EQUIPMENT RESERVE FUND FROM RECEIPTS OF SALES OR TRANSFERS OF PERSONAL PROPERTY BY STATE DEPARTMENTS, INSTITUTIONS AND AGENCIES.

 

The General Assembly of North Carolina enacts:

 

Section 1. G.S. 143-49(4) is hereby amended by inserting at the end of the first sentence thereof the following language:

"All receipts from the transfer or sale of such surplus, obsolete or unused equipment of State departments, institutions and agencies which are supported by appropriations from the General Fund, except where such receipts have been anticipated for, or budgeted against the cost of replacements, shall be placed by the director in an Equipment Reserve Fund from which expenditures may be made only with prior approval of the Director of the Budget and the Advisory Budget Commission."

Sec. 2.  This act shall become effective July 1, 1975.

In the General Assembly read three times and ratified, this the 12th day of June, 1975.