§ 115C-539. Information to be furnished prior to insuring in Fund; providing for payment of premiums. - North Carolina Statutes

§ 115C‑539. Information to be furnished prior to insuring in Fund; providing for payment ofpremiums.

Local boards of education shall at least 30 days before insuring in theFund, furnish to the State Board of Education a complete and detailed list ofall school buildings and contents thereof and other insurable school property,together with an estimate of the present value of the said property. Valuationfor purposes of insuring in the Fund shall be reached by agreement inaccordance with the procedure hereinafter set up for adjustment of losses.Local boards of education and the tax‑levying authority shall be requiredto provide for the payment of premiums for insurance on the school propertiesof each local school administrative unit, respectively, to the extent of notless than seventy‑five percent (75%) of the current insurable value ofthe said properties, including the insurance in fire insurance companies andthe insurance provided by the Fund as set out herein. (1955, c. 1372, art. 16, s. 5; 1981, c. 423, s. 1.)