North Carolina General Statutes 159-37. Reports on status of sinking funds
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Terms Used In North Carolina General Statutes 159-37
- Fund: is a fiscal and accounting entity with a self-balancing set of accounts recording cash and other resources, together with all related liabilities and residual equities or balances, and changes therein, for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. See North Carolina General Statutes 159-7
- Public authority: is a municipal corporation (other than a unit of local government) that is not subject to the State Budget Act (Chapter 143C of the N. See North Carolina General Statutes 159-7
- Secretary: means the secretary of the Local Government Commission. See North Carolina General Statutes 159-1
Each unit or public authority maintaining any sinking fund shall transmit to the secretary upon his request financial reports on the status of the fund and the means by which moneys are obtained for deposit therein. The secretary shall determine from this information whether the sinking funds are being properly maintained, and if he shall find that they are not, he shall order the unit to take such action as may be necessary to maintain the funds in accordance with law. (1931, c. 60, s. 31; 1971, c. 780, s. 1.)