§ 143B-131.8. Roanoke Island Commission Fund; Roanoke Island Commission Endowment Fund. - North Carolina Statutes

§ 143B‑131.8. Roanoke Island Commission Fund; Roanoke Island Commission Endowment Fund.

(a)        The Roanoke Island Commission Fund is established as anonreverting Fund and shall be administered by the Roanoke Island Commission.Seventy‑five percent (75%) of the revenues collected from any propertyoperated by the Roanoke Island Commission shall be credited to the Fund. Inaddition, gifts, donations, grants, or bequests received by the Commission forthe purpose of carrying out its duties and purposes may also be deposited inthe Fund.

The funds in the Roanoke Island Commission Fund shall be used for theexpenses of the Roanoke Island Commission and the operation and maintenance ofproperties operated by the Commission.

(b)        The Roanoke Island Commission Endowment Fund is establishedas a nonreverting Fund and shall be administered by the Commission. Twenty‑fivepercent (25%) of the revenue collected from any property operated by theRoanoke Island Commission shall be credited to the Fund. Until July 1, 2000,the revenues credited to the Roanoke Island Commission Endowment Fund and theinterest earned on the revenue shall be held in reserve to create the principalfor the Fund.

On and after July 1, 2000, eighty percent (80%) of the interestgenerated by the principal in the Roanoke Island Commission Endowment Fundshall be used by the Roanoke Island Commission to carry out its duties andpurposes as set out by this Part. The Roanoke Island Commission may also usethose interest funds for capital expenditures for the properties operated bythe Commission. (1995, c. 507, s.12.6(c).)