1921 extra session public laws – Ch.1 Sec.1
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CHAPTER 1 AN ACT TO PROVIDE FOR MAKING EFFECTUAL THE MEANS OF PAYMENT PROVIDED FOR BONDS AND NOTES OF COUNTIES, TOWNSHIPS, SCHOOL DISTRICTS, AND MUNICIPAL CORPORATIONS, AND TO PROVIDE FOR SUPERVISION OF SUCH MEANS BY THE STATE AUDITOR AND MAKING NONCOMPLIANCE WITH ITS TERMS A MIS- DEMEANOR AND FIXING A PENALTY. Whereas the default in payment for a single day of the interest or principal of bonds or notes issued by any county, township, school district, or municipal corporation results not only in dis- credit to the obligor, but seriously affects the credit of the State itself and all of its political subdivisions; and whereas, in order to protect the credit of the State and all of its subdivisions, it is imperative to provide State supervision of the means and methods for payment of such principal and interest promptly as the same falls due: Now, therefore, The General Assembly of North Carolina do enact:
That on or before March first, one thousand nine hundred and twenty-two, it shall be the duty of the clerk or secretary or other recording officer of each board in the State of North Carolina which has heretofore authorized the issuance of county, township, school district, or municipal bonds or notes having a fixed maturity of one year or more from the date thereof, to file with the State Auditor a statement giving the amount of such bonds or notes then outstanding, their date, the time or times of maturity thereof and of the interest payable thereon, the rate of interest borne, the place or places at which the principal and interest are payable, the denomination of the bonds or notes, and the purpose of issuance. The statement shall also contain the name of the board in which is vested the authority and power to levy the taxes for the payment of the principal and interest of said bonds or notes, and a reference to the law under which said bonds or notes are issued.