§ 159-22. Withdrawals. - North Carolina Statutes

§ 159‑22. Withdrawals.

Withdrawals from a capital reserve fund may be authorized by resolutionor ordinance of the governing board of the local government or publicauthority. No withdrawal may be authorized for any purpose not specified in theresolution or ordinance establishing the fund or in a resolution or ordinanceamending it. The withdrawal resolution or ordinance shall authorize anappropriation from the capital reserve fund to an appropriate appropriation inone of the funds maintained pursuant to G.S. 159‑13(a). No withdrawal maybe made which would result in an appropriation for purposes for which anadequate balance of eligible moneys or investment securities is not thenavailable in the capital reserve fund. (1943, c. 593, ss. 11, 16; 1945, c. 464, s. 2; 1949, c. 196, s. 3;1957, c. 863, s. 1; 1967, c. 1189; 1971, c. 780, s. 1; 1973, c. 474, s. 16.)