§ 159-33. Semiannual reports on status of deposits and investments. - North Carolina Statutes

§ 159‑33. Semiannual reports on status of deposits and investments.

Each officer having custody of any funds of any local government orpublic authority shall report to the secretary of the Local GovernmentCommission on January 1 and July 1 of each year (or such other dates as he mayprescribe) the amounts of funds then in his custody, the amounts of deposits ofsuch funds in depositories, and a list of all investment securities and timedeposits held by the local government or public authority. In like manner, eachbank or trust company acting as the official depository of any unit of localgovernment or public authority may be required to report to the secretary adescription of the surety bonds or investment securities securing such publicdeposits. If the secretary finds at any time that any funds of any unit orauthority are not properly deposited or secured, or are invested in securitiesnot eligible for investment, he shall notify the officer or depository incharge of the funds of the failure to comply with law or applicable regulationsof the Commission. Upon such notification, the officer or depository shallcomply with the law or regulations within 30 days, except as to the sale ofsecurities not eligible for investment which shall be sold within nine monthsat a price to be approved by the secretary. The Commission may extend the timefor sale of ineligible securities, but no one extension may cover a period ofmore than one year. (1931, c. 60, s.33; 1971, c. 780, s. 1; 1979, c. 637, s. 2.)