§ 156-125. Adjustment by board of commissioners authorized. - North Carolina Statutes

Article 9.

Adjustment of Delinquent Assessments.

§ 156‑125.  Adjustment by board of commissionersauthorized.

The board of commissioners of any drainage district may, in connectionwith the issuance of bonds for the purpose of refunding outstanding bonds ofthe district, and in addition to preparing a new assessment roll, for thepayment of principal and interest of such refunding bonds, and when the bondsso refunded constitute all of the bonds of the district for which an assessmenthas been made against property therein, adjust the uncollected delinquentinstallments of the assessment made upon property in the district, for thepayment of principal and interest of the bonds so refunded and for otherpurposes authorized by law before said bonds were refunded. The adjustment ofsuch delinquent assessments may include reduction of the principal amount ofthe delinquent installments, not exceeding fifty per centum (50%) thereof, towhich reduced installments shall be added interest computed thereon, at a ratenot less than the rate of interest of the refunding bonds, from the date ofdelinquency of said installments to the date of the refunding bonds, and shallinclude any costs legally incurred for the collection of the same; the date ofdelinquency shall be deemed to be the first day of December following the dateupon which each of said installments became due: Provided, however, alldelinquent installments of such assessment shall be adjusted on the same basisand by the same method. (1935, c. 469, s. 1.)