A BILL TO BE ENTITLED
AN ACT to temporarily suspend the charter of the town of spencer mountain.
The General Assembly of North Carolina enacts:
SECTION 1.  The Charter of the Town of Spencer Mountain, being Chapter 473 of the Session Laws of 1963, as amended by Chapter 567 of the Session Laws of 1967, is repealed.
SECTION 2.(a)  All monies and assets held by the Town of Spencer Mountain shall be placed under the control of the State Treasurer, to be held for the Town of Spencer Mountain. Article 3 of Chapter 159 of the General Statutes, The Local Government Budget and Fiscal Control Act, shall not apply during the suspension period. Any monies due to the Town from the State shall be delivered to the Gaston County Board of Commissioners for use by the County and all other monies due and payable to the Town shall be collected by the State Treasurer to be held for the Town.
SECTION 2.(b)  The State Treasurer shall determine how the monies and assets placed under the control of the State Treasurer shall be held and may require an annual report or accounting on those monies and assets.
SECTION 3.(a)  The Gaston County Board of Elections shall not conduct any elections for mayor or commissioner of the Town during the suspension.
SECTION 3.(b)  The individuals holding elected office in the Town of Spencer Mountain on the effective date of this act may continue to hold themselves out as elected officials of the Town until an election is next certified for the Town.
SECTION 4.  This act becomes effective July 1, 2016, and expires June 30, 2019. No audit shall be required for any fiscal year, or portion thereof, during the period of repeal.