§ 156-127. Special fund set up; distribution of collections. - North Carolina Statutes

§ 156‑127.  Specialfund set up; distribution of collections.

The collection of assessments adjusted under this Article and ofinterest accrued under G.S. 156‑126 shall be set aside in a fund andshall be applied as follows: One third of such collections may be used solelyfor operating and administrative expenses of the district, but the remainingtwo thirds thereof shall be reserved as additional security for the payment ofthe refunding bonds, or for the purchase and retirement of such refundingbonds, at prices not exceeding par and accrued interest. (1935, c. 469, s. 3.)