§ 160A-613. Funds. - North Carolina Statutes

§ 160A‑613.  Funds.

(a)        The establishment and operation of an Authority aregovernmental functions and constitute a public purpose, and the State of NorthCarolina and any unit of local government may appropriate funds to support theestablishment and operation of the Authority. The State of North Carolina andany unit of local government may also dedicate, sell, convey, donate or leaseany of their interests in any property to the Authority. An authority may applyfor grants from the State of North Carolina, or from the United States or anydepartment, agency, or instrumentality thereof. The Department ofTransportation may allocate to an authority any funds appropriated for publictransportation, or any funds whose use is not restricted by law.

(b)        The Authority may levy an annual vehicle registration taxnot to exceed five dollars ($5.00) per vehicle in accordance with G.S. 160A‑623.

(c)        Notwithstanding any provision of G.S. 159‑18, theBoard of Trustees may accumulate moneys from any source authorized by thisArticle or by Article 50 of Chapter 105 of the General Statutes in a capitalreserve fund for any authorized purpose of the Authority. Notwithstanding anyprovision of G.S. 159‑19 or G.S. 159‑22, the Board of Trustees may,by amendment to the resolution establishing a capital reserve fund, withdrawmoneys accumulated in a fund for noncapital purposes if the capital outlaypurpose for which the fund was created is no longer viable, as determined by amajority of the Board of Trustees. Except as otherwise provided in thissubsection, the provisions of Part 2 of Article 3 of Chapter 159 of the GeneralStatutes shall control the establishment of capital reserve funds by theAuthority. (1989, c. 740, s. 1; 1991,c. 666, s. 1; 2001‑424, s. 27.28.)