§ 106-533. Application of revenues from operation of warehouses. - North Carolina Statutes

§ 106‑533. Application of revenues from operation of warehouses.

All rentals and charges, fees, tolls, storage and sales commissions andrevenues of any sort from operation of each warehouse shall be applied to thepayment of the cost of operating and administering the warehouse and marketfacilities including interest on bonds and other evidences of indebtednessissued therefor, and the cost of insurance against loss by injury to persons orproperty, and the balance shall be paid to the secretary‑treasurer of theAuthority and be used to provide a sinking fund to pay at or before maturityall bonds and notes and other evidences of indebtedness incurred for and onbehalf of the building, constructing, maintaining and operating of eachwarehouse. A separate sinking fund account shall be kept for each market, andno market shall be liable for the obligations of any other market. (1941, c. 39, s. 6.)