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.
N.C. Gen. Stat. § 115C-449
Proceeds of insurance claims
Known as the The School Budget and Fiscal Control Act
The act spans §§ 115C-422 to 115C-452 (35 sections).
1975, c. 437, s. 1; 1981, c. 423, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.