NORTH CAROLINA GENERAL ASSEMBLY
1967 SESSION

CHAPTER 1086
HOUSE BILL 1146

AN ACT TO AMEND SECTIONS 153-80, 153-82 AND 160-382 OF THE GENERAL STATUTES, CONCERNING THE PERIOD OF ESTIMATED LIFE OF AIRPORT IMPROVEMENTS AND THE AVERAGING OF THE PERIODS OF LIFE OF BONDS.

The General Assembly of North Carolina do enact:

Section 1.  Subdivision (5) of Section 153-80 of the General Statutes, the same being a part of The County Finance Act, as amended, is hereby rewritten to read as follows:
"(5)	Land, including grading and drainage, buildings, equipment and other improvements for airports or landing fields, thirty years."
Sec. 2.  Subdivision (6) of Section 153-80 of the General Statutes is hereby deleted.
Sec. 3.  Section 153-82 of the General Statutes is hereby rewritten to read as follows:
"In the event bonds authorized by any one order under the provisions of G.S. 153-78 shall be for improvements with different estimated periods of life under the provisions of G.S. 153‑80, such bonds shall mature within the average of such periods, taking into consideration the amount of bonds estimated to be required to be issued as to each such improvement. It shall be lawful to consolidate into one issue bonds authorized by two or more orders for different purposes, in which event the bonds of such consolidated issue shall mature within the average of the periods estimated as the life of the several improvements, taking into consideration the amount of bonds to be issued on account of each item for which a period shall be estimated. The determination of any such period under the provisions of this Section shall be conclusive."
Sec. 4.  Subdivision (21) of Section 160-382 of the General Statutes, the same being a part of the Municipal Finance Act, 1921, as amended, is hereby rewritten to read as follows:
"(21)	Land, including grading and drainage, buildings, equipment and other improvements for airports or landing fields, thirty years."
Sec. 5.  Subdivision (22) of Section 160-382 of the General Statutes is hereby deleted.
Sec. 6.  The provisions of this Act shall also apply to bonds authorized but not issued at the effective date of this Act.
Sec. 7.  All laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.
Sec. 8.  This Act shall be in full force and effect from and after its ratification.
In the General Assembly read three times and ratified, this the 3rd day of July, 1967.