§ 115C-492. Expenditure of funds; pledges. - North Carolina Statutes

§ 115C‑492. Expenditure of funds; pledges.

It is not the intent that such endowment fund created hereunder shalltake the place of State appropriations or any regular  appropriations, taxfunds or other funds made available by counties, cities, towns or local schooladministrative units for the normal operation of the public schools. Anyendowment fund created hereunder, or the income from same, shall be used forthe benefit of the public schools of the county, city or town involved and tosupplement regular and normal appropriations to the end that the public schoolsmay improve and increase their functions, may enlarge their areas of serviceand may become more useful to a greater number of people. The board of trusteesin its discretion shall determine the objects and purposes for which theendowment fund shall be spent. Nothing herein shall be construed to prevent theboard of trustees of any such endowment fund established hereunder fromreceiving pledges, gifts, donations, devises and bequests and from using thesame for such lawful school purposes as the donor or donors designate:Provided, always, that the administration of any such pledges, gifts,donations, devises and bequests, or the expenditure of funds from same, willnot impose any financial burden or obligation on the State of North Carolina orany subdivisions of government of the State. The board of trustees may, withthe consent of the donor of any pledges, transfer and assign such pledges assecurity for loans. This consent by the donor may be made at the time of thepledge or at any time before said pledges are paid off in full. It is thepurpose of this provision to enable the board of trustees to have the immediateuse of funds which the donor may desire to pledge as payable over a period ofyears. (1961, c. 970; 1981, c.423, s. 1.)