§ 160A-37.2. Assumption of debt. - North Carolina Statutes

§ 160A‑37.2. Assumption of debt.

(a)        If the city has annexed any area which is served by a ruralfire department and which is in an insurance district defined under G.S. 153A‑233,a rural fire protection district under Article 3A of Chapter 69 of the GeneralStatutes or a fire service district under Article 17 of Chapter 153A of theGeneral Statutes, then upon the effective date of annexation if the city hasnot contracted with the rural fire department for fire protection, or when therural fire department ceases to provide fire protection under contract, thenthe city shall pay annually a proportionate share of any payments due on anydebt (including principal and interest) relating to facilities or equipment ofthe rural fire department, if the debt was existing at the time of adoption ofthe resolution of intent, with the payments in the same proportion that theassessed valuation of the area of the district annexed bears to the assessedvaluation of the entire district on the date the annexation ordinance becomeseffective or another date for valuation mutually agreed upon by the city andthe fire department.

(b)        The city and rural fire department shall jointly present apayment schedule to the Local Government Commission for approval and no paymentmay be made until such schedule is approved. (1983, c. 636, s. 22; 1998‑150, s. 8.)