§ 115C-473. Method of assumption; validation of proceedings. - North Carolina Statutes

Article 33.

Assumption of School District Indebtedness byCounties.

§ 115C‑473.  Method of assumption; validation ofproceedings.

The county board of education, with the approval of the board ofcommissioners, and when the assumption of such indebtedness is approved at anelection as hereinafter provided, if such election is required by theConstitution, may include in the debt service fund  in the school budget alloutstanding indebtedness for school purposes of every city, town, schooldistrict, school taxing district, township, city administrative unit or otherpolitical subdivision in the county, hereinafter collectively called"local districts," lawfully incurred in erecting and equipping schoolbuildings necessary for the school term. The election on the question ofassuming such indebtedness shall be called and held in accordance with theprovisions of Chapter 159 of the General Statutes, known as "The LocalGovernment Finance Act," insofar as the same may be made applicable, andthe returns of such election shall be canvassed and a statement of the resultthereof prepared, filed and published as provided in the Local GovernmentFinance Act. No right of action or defense founded upon the invalidity of theelection shall be asserted, nor shall the validity of the election be open toquestion in any court upon any ground whatever, except in an action orproceeding commenced within 30 days after the publication of such statement ofresult. When such indebtedness is taken over for payment by the county as a wholeand the local districts are relieved of their annual payments, the county fundsprovided for such purpose shall be deducted from the debt service fund prior tothe division of such fund among the schools of the county as provided inArticle 31 of this Chapter.

The assumption, as herein provided, by any county, at any time prior tothe 28th day of February, 1951, of the indebtedness of local  districts forschool purposes and all proceedings had in connection therewith are hereby inall respects ratified, approved, confirmed, and validated: Provided, thatnothing herein shall prevent counties and local taxing districts from levyingtaxes to provide for the payment of their debt service requirements if theyhave not been otherwise provided for. (1955, c. 1372, art. 12, s. 1; 1981, c. 423, s. 1.)