§ 159-18. Capital reserve funds. - North Carolina Statutes

Part 2.  Capital Reserve Funds.

§ 159‑18.  Capital reserve funds.

Any local government or public authority may establish and maintain acapital reserve fund for any purposes for which it may issue bonds. A capitalreserve fund shall be established by resolution or ordinance of the governingboard which shall state (i) the purposes for which the fund is created, (ii)the approximate periods of time during which the moneys are to be accumulatedfor each purpose, (iii) the approximate amounts to be accumulated for eachpurpose, and (iv) the sources from which moneys for each purpose will bederived. (1943, c. 593, ss.3, 5; 1957, c. 863, s. 1; 1967, c. 1189; 1971, c. 780, s. 1.)