NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

 

 

CHAPTER 264

HOUSE BILL 489

 

 

AN ACT TO PERMIT BOARDS OF EDUCATION TO LEASE CERTAIN SCHOOL PROPERTY FOR A TERM OF UP TO TEN YEARS.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 115-126(e) as the same now appears in Replacement Volume 3A of the North Carolina General Statutes is hereby amended by adding to the end thereof two new sentences which shall read as follows:

"Upon a two-thirds vote of the board that such is in the public interest and with the approval of the board's tax levying authority, the board may enter into an agreement for the lease of such property for a term in excess of one year but for not more than 10 years, provided however the proceeds of such lease authorized herein shall be used either to reduce the bonded indebtedness of such administrative unit or for capital outlay purposes. Nothing in this subsection shall invalidate any local act authorizing the lease of any such property."

Sec. 2.  This act shall become effective July 1, 1975.

In the General Assembly read three times and ratified, this the 12th day of May, 1975.