Laws of North Carolina (Last Updated: May 12, 2015) |
Chapter115C. Elementary and Secondary Education. |
SubchapterVII. Fiscal Affairs |
Article31. The School Budget and Fiscal Control Act |
Part3. Fiscal Control |
§115C-449. Proceeds of insurance claims
Latest version.
-
Moneys paid to a local school administrative unit pursuant to contracts of insurance against loss of capital assets through fire or casualty shall be used to repair or replace the damaged asset, or if the asset is not repaired or replaced, placed to the credit of the capital outlay fund for appropriation at some future time.
(1975, c. 437, s. 1; 1981, c. 423, s. 1.)