NORTH CAROLINA GENERAL ASSEMBLY
1963 SESSION
CHAPTER 808
SENATE BILL 618
AN ACT TO AMEND CHAPTER 115, SESSION LAWS OF 1963, THE SAME BEING THE CHARTER OF THE CITY OF LUMBERTON.
The General Assembly of North Carolina do enact:
Section 1. Section 4 of Article VI of Chapter 115, Session Laws of 1963, is hereby amended by rewriting said Section to read as follows:
"Sec. 4. Investment of Surplus Funds. The City Council may from time to time analyze the amounts of cash balances in the general fund and in the special funds of the City for the purpose of determining, in its judgment, the feasibility of depositing money of such funds at interest or of investing the same as hereinafter provided. In determining such feasibility the Council shall take into consideration the probable needs of such money and shall exercise due diligence in making deposits and investments so that such deposits and investments shall be readily convertible into money.
"When the Council has made such determination of feasibility it may cause said money to be:
"(a) Deposited at interest with a bank or trust company, having its principal office in the State and which is a duly designated depository of the City, upon terms authorized by applicable laws of the United States of America and/or of the State of North Carolina;
"(b) Invested in shares of any building and loan association organized under the laws of North Carolina or in shares of any savings and loan association organized under the laws of the United States of America and having its principal office in North Carolina; provided, that no investment in shares of any building and loan association or of any savings and loan association shall exceed the amount by which such investment is insured by the United States of America or an agency thereof;
"(c) Invested in Federal securities which consist of United States Treasury certificates of indebtedness, notes, bonds or bills, or bonds or notes of any agency or instrumentality of the United States of America when the payment thereof, as to both principal and interest, is guaranteed by the United States of America. The Council is hereby authorized to purchase and sell such securities privately and without notice, but no such securities shall be purchased at more than the market price nor sold at less that the market price thereof. The Council is further authorized to cause such securities to be left in safekeeping with such bank or trust company in New York City as the Council may designate, either in the name of the City or of a bank or trust company which is a duly designated depository of the City.
"The City Council may pass an ordinance creating an investment commission which will consist of the City Manager and City Clerk and Treasurer, and delegating to said Commission all or any part of the foregoing powers and provisions of this Section with respect to determination of feasibility and deposit and investment of money, subject to such conditions as the Council may impose.
"Notwithstanding the foregoing provisions of this Section, the investment of sinking funds and of proceeds of the sale of bonds of the City, and the securing of funds of the City, shall be governed by the provisions of general law; provided, that the application, deposit and investment of the proceeds of any revenue bonds of the City shall be subject to the provisions of the ordinance or resolution providing for the issuance of such revenue bonds."
Sec. 2. Section 2 of Article VIII of Chapter 115, Session Laws of 1963, is hereby amended by striking the word "shall" in the first sentence of subsection (b), as the same appears immediately after the figures "160-22", and inserting in lieu thereof the following: "may in the discretion of the Council".
Sec. 3. All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 4. This Act shall be in full force and effect from and after its ratification.
In the General Assembly read three times and ratified, this the 11th day of June, 1963.