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NORTH CAROLINA STATUTES AND CODES
§ 116-44.8. Fire Safety Loan Fund.
§ 116‑44.8. FireSafety Loan Fund.
(a) There is established the Fire Safety Loan Fund. The Fundshall be a revolving loan fund for installing fire safety equipment and systemsin fraternity and sorority housing.
(b) The Fund shall be administered by the Office of the StateTreasurer, and that office may establish the policies and procedures that itdeems appropriate for the operation of the Fund. The Office of the StateTreasurer may enlist the assistance of other State departments or entitieswhich have expertise that would be useful in administering the Fund, and thoseState departments or entities shall provide the assistance requested.
(c) The Fund shall be operated on a revolving basis withproceeds from the repayment of prior loans being made available for subsequentloans.
(d) Loans from the Fund shall be secured by a first or secondmortgage or other pledge. Loans shall be made for a period not to exceed 10years. Interest shall not be charged on loans from the Fund. (1996, 2nd Ex. Sess., c. 18, s. 16.5(a).)