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.(a)  The Charter of the Town of Spencer Mountain, being Chapter 473 of the 1963 Session Laws, as amended by Chapter 567 of the 1967 Session Laws, is suspended.
SECTION 1.(b)  No audit shall be required for any fiscal year, or portion thereof, during the period of suspension.
SECTION 1.(c)  The Gaston County Board of Elections shall not conduct any elections for mayor or commissioner of the Town during the period of suspension. The individuals elected in 2015 to serve as elected officials for the Town of Spencer Mountain may continue to use their public titles and participate as elected officials in organizations dedicated to serving municipalities during the period of suspension.
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. 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.  This act becomes effective July 1, 2016, and expires June 30, 2019.