NORTH CAROLINA GENERAL ASSEMBLY

1977 SESSION

 

 

CHAPTER 575

SENATE BILL 233

 

 

AN ACT TO AMEND G.S. 159-30(c)(5) TO ALLOW INVESTMENT OF IDLE FUNDS OF LOCAL GOVERNMENTS IN SAVINGS AND LOAN ASSOCIATIONS AS LONG AS INVESTMENTS ARE FULLY SECURED.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 159-30(c)(5) is amended by adding a sentence to the end of the current G.S. 159-30(c)(5) to read as follows:

"Provided, that moneys may be invested in said certificates, shares or deposits, whether or not so insured, to the extent that said moneys are fully secured by surety bonds, or investment securities of such nature, in such amounts, and in such manner, as may be prescribed by rule or regulation of the Local Government Commission."

Sec. 2.  This act shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 15th day of June, 1977.