§ 115C-541. Adjustment of losses; determination and report of appraisers; payment of amounts to treasurers of local school administrative units; disbursement of funds. - North Carolina Statutes

§ 115C‑541. Adjustment of losses; determination and report of appraisers; payment ofamounts to treasurers of local school administrative units; disbursement offunds.

In the event of loss or damage by fire, lightning, windstorm, hail, orexplosions resulting from defects in equipment in public school buildings andproperties for the local school administrative units, the Fund shall pay theloss in the same proportion as the amount of insurance carried bore to thevaluation of the property at the time it was insured, but not exceeding theamount which it would cost to repair or replace the property with material oflike quality within a reasonable time after such loss, not in excess of theamount of insurance provided for said property, and not in excess of the amountof such loss which the Fund is required to pay in participation with fireinsurance companies having policies of insurance in force on said properties atthe time of the loss or damage, and the Fund shall not be liable for a greaterproportion of any loss than the amount of insurance thereon shall bear to thewhole insurance covering the property against the peril involved.

In the event of loss or damage by fire, lightning, windstorm, hail, orexplosions resulting from defects in equipment in public school buildings andproperties of the local school administrative units, to the property insured,when an agreement as to the extent of such loss or damage cannot be arrived atbetween the State Board of Education and the local officials having charge ofthe said property, the amount of such loss or damage shall be determined bythree appraisers; one to be named by the State Board of Education, one by thelocal board of education having charge of the property, and the two soappointed shall select a third, all of whom shall be disinterested persons, andqualified from experience to appraise and value such property: Provided,however, if the appraisers appointed by the State Board of Education and thelocal board of education shall fail for 15 days to agree upon the thirdappraiser, then, on request of the State Board of Education or the local boardof education having charge of the property, such third appraiser shall beselected by any regular resident superior court judge of the superior courtdistrict or set of districts as defined in G.S. 7A‑41.1 in which theproperty is located. The appraisers so named shall file their written reportwith the State Board of Education and with the local board of education havingsuch property in charge. The costs of the appraisal shall be paid by the Fund.Upon the determination of the loss by the appraisers, the State Board ofEducation shall pay the amount of such loss or damage to school property in thecontrol of the local school administrative unit to its treasurer, upon properwarrant of the State Board of Education. Said funds shall be paid out by thetreasurer of said units, as provided by this Chapter for the disbursement ofthe funds of such unit. (1955, c. 1372, art. 16, s. 7; 1981, c. 423, s. 1; 1987 (Reg. Sess.,1988), c. 1037, s. 110.)