GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1989

S	1 

SENATE BILL 1375

Short Title:  Winston-Salem Fund Investment.	(Local)
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Sponsors: Senators Kaplan and Ward.
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Referred to:  Local Government and Regional Affairs.
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May 24, 1990

A BILL TO BE ENTITLED
AN ACT AMENDING CHAPTER 296 OF THE PUBLIC-LOCAL LAWS OF 1939, AS AMENDED.
The General Assembly of North Carolina enacts:
Section 1.  The provisions at the end of Section 5 of Chapter 296 of the Public-Local Laws of 1939, as added to such section by Chapter 721 of the Session Laws of 1959, and as amended by Chapter 565 of the Session Laws of 1965, and as rewritten by Chapter 397, Session Laws of 1969, reads as rewritten:
   "The City of Winston-Salem, or any governing body, agency, insurance company, person or other corporation contracting with the City of Winston-Salem for the investment, care or administration of said fund may invest and reinvest the funds constituting the said fund in one or more of the types of securities or other investments authorized by State law for the investment of assets of domestic life insurance companies."
Sec. 2.  This act, insofar as it authorizes certain investments which were authorized by Chapter 296 of the Public-Local Laws of 1939, as amended, before the enactment of Article 3 of Chapter 159 of the General Statutes, amends G.S. 159-30 with regard to the investment of funds of the Winston-Salem Policemen's Retirement Fund only.
Sec. 3.  All laws and clauses of laws in conflict herewith are hereby repealed.
Sec. 4.  All actions heretofore taken, consistent with this act, are hereby ratified.
Sec. 5. This act is effective upon ratification.