(a) The Swain CountySettlement Trust Fund is established as a special fund in the Office of theState Treasurer under the management of the Treasurer. The Fund shall consistof the proceeds of any payments made by the United States in settlement of the1943 agreement between Swain County and the United States Department ofInterior, such other contributions as Swain County or other entities may chooseto make to the Fund, and the interest and other investment income earned by theFund. Contributions to the Fund are irrevocable. Assets in the Fund may bedisbursed only to Swain County.
(b) On such schedule asthe State Treasurer may determine, in consultation with the Board ofCommissioners of Swain County, the State Treasurer shall disburse to SwainCounty amounts requested by the Swain County Board of Commissioners pursuant toa majority vote of that body, provided that disbursements to Swain County underthis subsection in any fiscal year shall not exceed the total interest andinvestment income earned by the Fund in that fiscal year. At the start of eachfiscal year, the State Treasurer shall issue a nonbinding opinion andrecommendation to the Swain County Board of Commissioners suggesting anappropriate amount of interest and investment income to be reinvested in theFund to ensure that the principal investment grows to keep pace with inflation.
(c) No portion of theprincipal balance of the Fund may be disbursed to Swain County absent a requestby the Swain County Board of Commissioners accompanied by a certification bythe Swain County Board of Elections that two‑thirds of the registeredvoters of Swain County voted in favor of the disbursement and subsequentexpenditure of the amount requested in a referendum conducted under subsection(f) of this section.
(d) Funds disbursed toSwain County under subsections (b) or (c) of this section shall be managed bythe county in accordance with the requirements of the Local Government Budgetand Fiscal Control Act as amended from time to time.
(e) No part of theprincipal of the Swain County Settlement Trust Fund or of any interest or otherincome earned on that principal may be paid to or received by any agent orattorney on account of services rendered in connection with negotiating thesettlement agreement between Swain County and the United States Department ofInterior or obtaining the monetary settlement from the United States.
(f) The Board ofCommissioners of Swain County may direct the Swain County Board of Elections toconduct an advisory referendum on the question of whether any portion of theprincipal of the Fund should be disbursed to and expended by the county for aparticular purpose. The election shall be held on a date jointly agreed upon bythe two boards, which may be the same day as any other referendum or electionin the county, but may not otherwise be during the period beginning 30 daysbefore and ending 30 days after the day of any other referendum or election tobe conducted by the board of elections and already validly called or scheduledby law. The election shall be held in accordance with the procedures of G.S.163‑287. The question to be presented on the ballot shall disclose thespecific purpose proposed for expenditure of the principal investment of theTrust Fund and the amount proposed for expenditure.
(g) The Swain CountySettlement Trust Fund is subject to the oversight of the State Auditor pursuantto Article 5A of Chapter 147 of the General Statutes.
(h) The Swain CountySettlement Trust Fund and the income therefrom shall not take the place of orbe counted against any other State appropriations or program providing funds ordisbursements to Swain County. (2008‑13, s. 3.)
(a) The Swain CountySettlement Trust Fund is established as a special fund in the Office of theState Treasurer under the management of the Treasurer. The Fund shall consistof the proceeds of any payments made by the United States in settlement of the1943 agreement between Swain County and the United States Department ofInterior, such other contributions as Swain County or other entities may chooseto make to the Fund, and the interest and other investment income earned by theFund. Contributions to the Fund are irrevocable. Assets in the Fund may bedisbursed only to Swain County.
(b) On such schedule asthe State Treasurer may determine, in consultation with the Board ofCommissioners of Swain County, the State Treasurer shall disburse to SwainCounty amounts requested by the Swain County Board of Commissioners pursuant toa majority vote of that body, provided that disbursements to Swain County underthis subsection in any fiscal year shall not exceed the total interest andinvestment income earned by the Fund in that fiscal year. At the start of eachfiscal year, the State Treasurer shall issue a nonbinding opinion andrecommendation to the Swain County Board of Commissioners suggesting anappropriate amount of interest and investment income to be reinvested in theFund to ensure that the principal investment grows to keep pace with inflation.
(c) No portion of theprincipal balance of the Fund may be disbursed to Swain County absent a requestby the Swain County Board of Commissioners accompanied by a certification bythe Swain County Board of Elections that two‑thirds of the registeredvoters of Swain County voted in favor of the disbursement and subsequentexpenditure of the amount requested in a referendum conducted under subsection(f) of this section.
(d) Funds disbursed toSwain County under subsections (b) or (c) of this section shall be managed bythe county in accordance with the requirements of the Local Government Budgetand Fiscal Control Act as amended from time to time.
(e) No part of theprincipal of the Swain County Settlement Trust Fund or of any interest or otherincome earned on that principal may be paid to or received by any agent orattorney on account of services rendered in connection with negotiating thesettlement agreement between Swain County and the United States Department ofInterior or obtaining the monetary settlement from the United States.
(f) The Board ofCommissioners of Swain County may direct the Swain County Board of Elections toconduct an advisory referendum on the question of whether any portion of theprincipal of the Fund should be disbursed to and expended by the county for aparticular purpose. The election shall be held on a date jointly agreed upon bythe two boards, which may be the same day as any other referendum or electionin the county, but may not otherwise be during the period beginning 30 daysbefore and ending 30 days after the day of any other referendum or election tobe conducted by the board of elections and already validly called or scheduledby law. The election shall be held in accordance with the procedures of G.S.163‑287. The question to be presented on the ballot shall disclose thespecific purpose proposed for expenditure of the principal investment of theTrust Fund and the amount proposed for expenditure.
(g) The Swain CountySettlement Trust Fund is subject to the oversight of the State Auditor pursuantto Article 5A of Chapter 147 of the General Statutes.
(h) The Swain CountySettlement Trust Fund and the income therefrom shall not take the place of orbe counted against any other State appropriations or program providing funds ordisbursements to Swain County. (2008‑13, s. 3.)
(a) The Swain CountySettlement Trust Fund is established as a special fund in the Office of theState Treasurer under the management of the Treasurer. The Fund shall consistof the proceeds of any payments made by the United States in settlement of the1943 agreement between Swain County and the United States Department ofInterior, such other contributions as Swain County or other entities may chooseto make to the Fund, and the interest and other investment income earned by theFund. Contributions to the Fund are irrevocable. Assets in the Fund may bedisbursed only to Swain County.
(b) On such schedule asthe State Treasurer may determine, in consultation with the Board ofCommissioners of Swain County, the State Treasurer shall disburse to SwainCounty amounts requested by the Swain County Board of Commissioners pursuant toa majority vote of that body, provided that disbursements to Swain County underthis subsection in any fiscal year shall not exceed the total interest andinvestment income earned by the Fund in that fiscal year. At the start of eachfiscal year, the State Treasurer shall issue a nonbinding opinion andrecommendation to the Swain County Board of Commissioners suggesting anappropriate amount of interest and investment income to be reinvested in theFund to ensure that the principal investment grows to keep pace with inflation.
(c) No portion of theprincipal balance of the Fund may be disbursed to Swain County absent a requestby the Swain County Board of Commissioners accompanied by a certification bythe Swain County Board of Elections that two‑thirds of the registeredvoters of Swain County voted in favor of the disbursement and subsequentexpenditure of the amount requested in a referendum conducted under subsection(f) of this section.
(d) Funds disbursed toSwain County under subsections (b) or (c) of this section shall be managed bythe county in accordance with the requirements of the Local Government Budgetand Fiscal Control Act as amended from time to time.
(e) No part of theprincipal of the Swain County Settlement Trust Fund or of any interest or otherincome earned on that principal may be paid to or received by any agent orattorney on account of services rendered in connection with negotiating thesettlement agreement between Swain County and the United States Department ofInterior or obtaining the monetary settlement from the United States.
(f) The Board ofCommissioners of Swain County may direct the Swain County Board of Elections toconduct an advisory referendum on the question of whether any portion of theprincipal of the Fund should be disbursed to and expended by the county for aparticular purpose. The election shall be held on a date jointly agreed upon bythe two boards, which may be the same day as any other referendum or electionin the county, but may not otherwise be during the period beginning 30 daysbefore and ending 30 days after the day of any other referendum or election tobe conducted by the board of elections and already validly called or scheduledby law. The election shall be held in accordance with the procedures of G.S.163‑287. The question to be presented on the ballot shall disclose thespecific purpose proposed for expenditure of the principal investment of theTrust Fund and the amount proposed for expenditure.
(g) The Swain CountySettlement Trust Fund is subject to the oversight of the State Auditor pursuantto Article 5A of Chapter 147 of the General Statutes.
(h) The Swain CountySettlement Trust Fund and the income therefrom shall not take the place of orbe counted against any other State appropriations or program providing funds ordisbursements to Swain County. (2008‑13, s. 3.)
