§ 115C-474. Taxes levied and collected for bonds assumed to be paid into school debt service fund of county; discharge of sinking fund custodian. - North Carolina Statutes

§ 115C‑474.  Taxeslevied and collected for bonds assumed to be paid into school debt service fundof county; discharge of sinking fund custodian.

In any county where the bonds of a local district have been assumedunder the provisions of this Article, all taxes levied and collected for thepurpose of paying the principal of and interest on said bonds, or for creatinga sinking fund for the retirement of said  bonds, shall be deposited in theschool debt service fund of the county. The custodian of all moneys and otherassets of a sinking fund created for the retirement of said bonds is herebyauthorized to turn over such moneys and assets to the county treasurer, thecounty sinking fund commissioner or other county officer charged with thecustodianship of sinking funds, and such custodian shall thereby be dischargedfrom further responsibility for administration of and accounting for suchsinking fund. (1955, c. 1372,art. 12, s. 2; 1981, c. 423, s. 1.)