An act to provide for the dissolution of the sinking fund commission for buncombe county and the distribution of funds



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NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

CHAPTER 310

HOUSE BILL 702



AN ACT TO PROVIDE FOR THE DISSOLUTION OF THE SINKING FUND COMMISSION FOR BUNCOMBE COUNTY AND THE DISTRIBUTION OF FUNDS.
The General Assembly of North Carolina enacts:
Section 1. Legislative Purpose. The General Assembly finds that the refunding bonds and debts from the depression era of Buncombe County, the City of Asheville and all other bodies politic in Buncombe County have been retired; and that all bonded debt for these bodies can now be supervised and governed by the Local Government Finance Act N.C.G.S. Chapter 159; and that the debt now issued by those bodies is generally retired in serial form rather than by sinking funds, and, therefore, there is no longer a need for the Sinking Fund Commission of Buncombe County.

Sec. 2. Dissolution. On or before 2:00 p.m. local time on July 2, 1979, the Sinking Fund Commission for Buncombe County shall disburse all funds in its possession in accordance with this act and, upon completion thereof, said commission shall be dissolved and the commissioners shall be therewith discharged. Provided, however, the commissioners of the said Sinking Fund Commission, as constituted on July 2, 1979, shall thereafter have such authority as is necessary to do all acts required to complete the winding up of affairs of the said commission.

Sec. 3. Distribution of funds. All funds held by the Sinking Fund Commission of Buncombe County on July 2, 1979, shall be distributed to the governmental unit or body politic which levied the taxes for such issue or, in the case of capital funds, the governmental unit or body politic for whose account said funds are held. In the case of the particular issues set out below, distribution shall be made as set out below:

(1) Sanitary District Bonds.

a. The funds attributable to the following issues shall be distributed to Buncombe County:

Skyland Sanitary Sewer District of July 1, 1936

Venable Sanitary District

b. The funds attributable to the following issues shall be distributed to Buncombe County and the City of Asheville as their interests appear in the final audit of the Sinking Fund Commission Books for Fiscal Year 1979:

Beaver dam Water and Sewer District in Buncombe County of July 1, 1936

Caney Valley Sanitary Sewer District of July 1, 1936

East Biltmore Sanitary Sewer District of July 1, 1936

Fairview Sanitary Sewer District of July 1, 1936

Hazel Ward Water and Watershed District of July 1, 1936

South Buncombe Water and Watershed District of July 1, 1936;

Swannanoa Water and Sewer District of July 1, 1936;

(2) Buncombe County and school Districts.

Funds Attributable to the Shall be Distri-

Bonded Indebtedness of: buted to:

Buncombe County Refunding Bonds of

1 July 1936 Buncombe County

Buncombe County Public Building Bonds

of June 1972 Buncombe County

Buncombe County School Building Bonds

of 1950 Buncombe County

Buncombe County School Building Bonds

of 1951 Buncombe County

Buncombe County Community College

Bonds of April 1959 and June 1961 Buncombe County

(3) Capital Reserve.

Shall be Distri-

Funds Attributable to: buted to:

Buncombe County Capital Reserve Fund Buncombe County

Buncombe County School Capital Reserve Buncombe County for

use by Buncombe

County School Board

Asheville City School Capital Reserve Buncombe County for

use by Asheville

City School Board

(4) City of Asheville. The funds attributable to the following issues shall be paid to the City of Asheville:

City of Asheville Refunding Bonds of 1 July 1936

City of Asheville Water Refunding Bonds of 1936

City of Asheville Public Improvement Bonds of 1 June 1964

City of Asheville Grade Separation Bonds of 1 June 1964

City of Asheville Municipal Vehicle Bonds of 1 November 1969

City of Asheville Redevelopment Bonds of 1 May 1970

City of Asheville Auditorium and Arts Center Bonds of 1 June 1971

City of Asheville Auditorium and Arts Center Bonds of 1 December 1971

City of Asheville Parking Bonds of 1 March 1975

City of Asheville Water Bonds Series A of 1 March 1975

City of Asheville Water Bonds Series B of 1 March 1976

(5) Distribution of Certain Funds.

The funds attributable to the following two issues shall be paid to the independent depositary designated in accordance with this subparagraph:

City of Asheville Water Bonds of 1 December, 1951

City of Asheville Water Bonds of 1 November, 1961



The independent depositary shall be a State or national bank having assets in excess of one hundred million dollars ($100,000,000) whose deposits are insured by the Federal Deposit Insurance Corporation designated by the City of Asheville and approved by the local government commission. The selection, designation, and approval of such independent depositary shall be made by the City of Asheville and the Local Government Commission in writing and submitted to the Sinking Fund Commission prior to 1 June, 1979. The independent depositary shall receive all deposits and funds disbursed hereunder and all funds required to be deposited with the Sinking Fund Commission under the Bond Ordinances and resolutions for the two issues above referred to. Prior to 1 June, 1979, the independent depositary shall execute an agreement with the City of Asheville agreeing to hold, manage and apply all funds received pursuant to this act in accordance with Bond Resolutions and Bond Ordinances of the two issues above referred to and all other applicable law. Any fee charged by the independent depositary shall be paid by the City of Asheville from general revenues. The independent depositary may be changed by the City of Asheville any time with the approval of the Local Government Commission; provided that such successor independent depositary has the qualifications set forth above and executes an agreement with the City of Asheville substantially similar to the agreement entered into with the independent depositary first selected.

Sec. 4. Allocation of funds. The allocation of funds held by the Sinking Fund Commission to the various bond issues herein provided for shall be made in accordance with the usual and customary method of accounting employed by the Sinking Fund Commission.

Sec. 5. Discharge of obligations. Upon the payment by the Sinking Fund Commission of all funds in its custody in accordance with this act, the body politic receiving said funds shall hold, apply and administer said funds, in accordance with N.C.G.S. Chapter 159 and all other applicable law and the obligations of the Sinking Fund Commission and the Commissioners thereof to said body politic shall be fully satisfied, discharged and terminated.

Sec. 6. Succession. Upon the distribution of funds hereunder, the finance officers of the various bodies politic receiving funds shall, with respect to those funds received hereunder and later received under the various bond ordinances, succeed to all of the duties, obligations and responsibilities previously held and owed by the Sinking Fund Commission.

Sec. 7. Repealer. All laws and clauses of laws in conflict herewith are hereby repealed.

Sec. 8. This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 9th day of April, 1979.


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