§ 115D-58.2. Allocation of revenue to the institution by the local tax-levying authority. - North Carolina Statutes

§ 115D‑58.2. Allocation of revenue to the institution by the local tax‑levyingauthority.

(a)        The local tax‑levying authority of each institutionshall provide, as needed, funds to meet the monthly expenditures, includingsalaries and other necessary operating expenses, as set forth in a statementprepared by the board of trustees and in accordance with the approved budget.Upon the basis of the approved budget, the county finance officer shall makeavailable to the institution the moneys requested by the board of trustees nolater than the fifteenth day of the month for which funds are requested.

(b)        Funds received by the trustees of an institution frominsurance payments for loss or damage to buildings shall be used for the repairor replacement of such buildings, or, if the buildings are not repaired orreplaced, to reduce proportionally the institutional indebtedness borne by thecounties of the administrative area of the institution receiving the insurancepayments. If such payments, which are not used to repair or replaceinstitutional buildings, exceed the total institutional indebtedness borne byall counties of the administrative area, such excess funds shall remain to thecredit of the institution and shall be applied to the next succeeding plant fundbudget until the excess funds shall be expended. Funds received by the trusteesof an institution for loss or damage to the contents of buildings shall bedivided between the board of trustees and the State Board of Community Collegesin proportion to the value of the lost contents owned by the board of trusteesand the State, respectively. Until these funds shall have been expended, theyshall either be used for repair or replacement of lost contents or be creditedto the institution for succeeding plant and current expense budgets asappropriate. (1963, c. 448, s.23; 1979, c. 462, s. 2; c. 896, s. 13; 1979, 2nd Sess., c. 1130, s. 1; 1981, c.157, s. 1.)