State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_115C > GS_115C-449

§ 115C‑449. Proceeds of insurance claims.

Moneys paid to a local school administrative unit pursuant to contractsof insurance against loss of capital assets through fire or casualty shall beused to repair or replace the damaged asset, or if the asset is not repaired orreplaced, placed to the credit of the  capital outlay fund for appropriation atsome future time. (1975, c. 437, s.1; 1981, c. 423, s. 1.)