§ 159-177. Power to require reports and approve budgets. - North Carolina Statutes

§ 159‑177.  Powerto require reports and approve budgets.

When a refinancing plan has been put into effect pursuant to G.S. 159‑176,the Commission shall have authority to require any periodic reports on theunit's or municipality's financial affairs (in addition to those otherwiserequired by law) that the secretary deems necessary, and to approve or rejectthe unit's or municipality's annual budget ordinance. The governing board ofthe unit or municipality shall obtain the approval of the secretary beforeadopting the annual budget ordinance. If the Commission recommendsmodifications in the budget, the governing board shall be under an affirmativeduty to make the modifications before adopting the budget ordinance. (1935, c. 124, ss. 3, 4; 1971, c. 780, s. 1; 1973, c.494, ss. 41, 42.)