§ 58-31-5. Appropriations; fund to pay administrative expenses. - North Carolina Statutes

§58‑31‑5.  Appropriations; fund to pay administrative expenses.

Upon the expiration of theexisting fire insurance policies on said properties and in makingappropriations for any biennium after the next biennium, the Commissioner shallfile with the Department of Administration his estimate of the appropriationswhich will be necessary in order to set up and maintain an adequate reserve toprovide a fund sufficient to protect the State, its departments, institutions,and agencies from loss or damage to any of said properties up to fifty percentum (50%) of the value thereof. Appropriations made for the creating of suchfire insurance reserves against property of the Department of Agriculture andConsumer Services, or the Department of Transportation or any special operatingfund shall be charged against the funds of such departments.

The State Property FireInsurance Fund is authorized and empowered to pay all the administrativeexpenses occasioned by the administration of Article 31 of Chapter 58 of the GeneralStatutes. (1945, c. 1027, s. 2; 1957, c. 65, s. 11; c. 269, s.1; 1959, c. 182, s. 1; 1973, c. 507, s. 5; 1977, c. 464, s. 34; 1991, c. 720,s. 4; 1997‑261, s. 109.)