GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

S	1 

SENATE BILL 676

Short Title:  Lease Purchase Computers/Schools.	(Public)
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Sponsors: Senators Warren; and Plexico.
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Referred to:  Education.
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April 18, 1991

A BILL TO BE ENTITLED
AN ACT TO PERMIT LOCAL BOARDS OF EDUCATION TO ENTER INTO LEASE PURCHASE CONTRACTS FOR COMPUTERS.
The General Assembly of North Carolina enacts:
Section 1. G.S. 115C-47(28) reads as rewritten:
“(28)	To Enter Lease Purchase Contracts for Automobiles and Computers. – Local boards may purchase automobiles and computers by installment contracts that create in the property purchased a security interest to secure payment of the purchase money. A contract entered into under this subdivision is subject to the provisions of Article 8 of Chapter 159 of the General Statutes, except for G.S. 159-148(a)(4) and (b)(2). The lease purchase contract shall provide that there be no recourse for default in payments under the contract other than return of the automobile or computer. The taxing power of any tax levying authority is not and may not be pledged directly or indirectly to secure any moneys due the seller."
Sec. 2.  This act is effective upon ratification.