NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 398

HOUSE BILL 191

 

 

AN ACT TO AMEND CHAPTER 147 OF THE GENERAL STATUTES WITH RESPECT TO THE INVESTMENT OF SURPLUS STATE FUNDS.

 

The General Assembly of North Carolina do enact:

 

Section 1.  G.S. 147-69.1 is hereby amended by rewriting the second sentence thereof to read as follows:

"The Governor and the State Treasurer, acting jointly, with the approval of the Council of State, are hereby authorized to invest such excess funds (1) in bonds, notes, certificates of indebtedness and bills of the United States of America or in obligations which are fully guaranteed by the United States of America; or (2) in bonds, notes and other obligations of the Federal Intermediate Credit Banks, the Federal Home Loan Banks, the Federal National Mortgage Association, Banks for Cooperatives, and the Federal Land Banks; or (3) in bonds and notes of the State of North Carolina; or (4) in certificates of deposit issued by banks or official depositories within the State of North Carolina, yielding a return at rates not less than those available on United States Treasury bonds, notes, certificates of indebtedness or bills of comparable maturities."

Sec. 2.  G.S. 147-69 is hereby amended by striking out the last paragraph thereof.

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  All laws and clauses of laws in conflict with this Act are hereby repealed.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 May, 1967.