reglab/statecodes huggingface dataset:
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0400 - ACCOUNTING AND INTERNAL CONTROLS › Section 03 .0406 - APPROVAL OF FINANCE OFFICER ACTING AS TAX COLLECTOR

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				Application for approval for the finance officer to serve concurrently as tax
				collector shall be made to the Commission at its mailing address.
(b) The application shall include a letter
				from the chief executive officer of the governmental unit containing as a
				minimum:
(1) justification for the
				request;
(2) the procedures of the
				internal control system which will affect the problems arising from the two
				offices being held by one person, including an organizational chart where more
				than two persons perform duties of the two functions;
(3) the amount of the surety bonds to be
				requested for each office, and how the penal sums were calculated;
(4) two certified copies of an extract of the
				minutes of the governing body relating to the resolution in Subdivision (c) of
				this Rule as an attachment.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0400 - ACCOUNTING AND INTERNAL CONTROLS › Section 03 .0407 - REPORT OF CASH BALANCE

Current through Register Vol. 39, No. 2, July 15, 2024
A form designated by the Secretary for this purpose shall be
				  submitted by all governmental units on or before January 15, containing
				  information as of December 31 next preceding.
Authority
				  G.S.
				  159-3(f);
				  159-33;
Eff. February
				  1, 1976;
Readopted Eff. September 23, 1977;
Amended
				  Eff. April 1, 1985;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0400 - ACCOUNTING AND INTERNAL CONTROLS › Section 03 .0408 - REPORT OF FINANCIAL INFORMATION

Current through Register Vol. 39, No. 2, July 15, 2024
A form designated by the Secretary for this purpose shall be
				  submitted by all governmental units which levy taxes or for whom another
				  governmental unit levies a tax. The form shall be submitted on or before
				  October 31 containing information as of June 30 next preceding. For the purpose
				  of this report, total appraisal value and total levy shall include all
				  discoveries and abatements properly chargeable to the year under the Machinery
				  Act (G.S. 105, Subchapter II).
Authority
				  G.S.
				  159-3(f);
				  159-33.1;
Eff.
				  February 1, 1976;
Readopted Eff. September 23, 1977;
Amended Eff. April 1, 1985;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0400 - ACCOUNTING AND INTERNAL CONTROLS › Section 03 .0409 - EXEMPTION FROM PREAUDIT CERTIFICATE REQUIREMENT FOR ELECTRONIC PAYMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) To qualify for an exemption from the
				preaudit certificate requirement in
				G.S.
				159-28(a1) or
				G.S.
				115C-441(a1) for electronic
				payments, a local government, public authority, or local school administrative
				unit, herein referred to as "the unit," shall do the following:
(1) The unit's governing board shall adopt a
				resolution authorizing the unit to engage in electronic payments as defined by
				G.S.
				159-28 or
				G.S.
				115C-441;
(2) The unit shall have an "encumbrance
				system." As used in this Rule, an "encumbrance system" means a system of
				written policies and procedures for tracking obligations. The system may be
				manual, maintained as part of the unit's accounting system, or a combination of
				the two;
(3) The unit's governing
				board, or finance officer if authorized by the unit's governing board, shall
				adopt a written policy outlining procedures for preauditing obligations that
				will be incurred by electronic payments. The written policy and the procedures
				shall provide internal controls that shall ensure the following:
(A) there is a budget, project, or grant
				ordinance appropriation authorizing the expenditure;
(B) that sufficient budgeted monies remain
				within the appropriation to cover the amount that is expected to be paid out
				during the current fiscal year if accounted for in the budget ordinance, or to
				cover the entire amount if accounted for in a project or grant ordinance;
				and
(C) that the amount of the
				transaction is recorded in the unit's encumbrance system;
(4) The unit shall provide training to all
				personnel about the written policy and the procedures that shall be followed
				before undertaking an electronic payment; and
(5) Each quarter, the unit shall provide its
				governing board a budget-to-actual statement that includes the following:
(A) budgeted accounts;
(B) actual payments made;
(C) amounts encumbered, including electronic
				obligations; and
(D) the amount of
				the budget that is unobligated for all major funds.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0400 - ACCOUNTING AND INTERNAL CONTROLS › Section 03 .0410 - EXEMPTION FROM DISBURSEMENT CERTIFICATE REQUIREMENT FOR ELECTRONIC PAYMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) To qualify for an exemption from the
				disbursement certificate requirement in
				G.S.
				159-28(d1) and
				G.S.
				115C-441(d1) for electronic
				payments, a local government, public authority, or local school administrative
				unit, herein referred to as "the unit," shall do the following:
(1) The unit's governing board shall adopt a
				resolution authorizing the unit to engage in electronic payments as defined by
				G.S.
				159-28 or
				G.S.
				115C-441; and
(2) The unit's governing board, or finance
				officer if authorized by the governing board, shall adopt a written policy
				outlining procedures for disbursing public funds by electronic transaction. The
				written policy and the procedures shall provide internal controls that shall
				ensure the following:
(A) that the amount
				claimed is payable;
(B) that there
				is a budget, project, or grant ordinance appropriation authorizing the
				expenditure;
(C) that monies remain
				within the appropriation to cover the amount that is due during the current
				fiscal year if accounted for in the budget ordinance, or to cover the entire
				amount if accounted for in a project or grant ordinance; and
(D) that the unit has sufficient cash to
				cover the payment.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0500 - AUDIT CONTRACTS › Section 03 .0501 - APPLICATION FOR APPROVAL OF AUDIT CONTRACT

Current through Register Vol. 39, No. 2, July 15, 2024
Any governmental unit desiring to obtain approval of an audit
				  contract shall submit the original and two copies of the audit contract and all
				  attachments thereto to the Commission at its mailing address.
Authority
				  G.S.
				  159-3(f);
Eff.
				  February 1, 1976;
Readopted Eff. September 23, 1977;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0500 - AUDIT CONTRACTS › Section 03 .0503 - AUDIT ENGAGEMENTS DEFINED

Current through Register Vol. 39, No. 2, July 15, 2024
Audits for which a contract must be approved include both
				  financial audits and compliance audits and include interim audits, special
				  purpose or limited audits and the regular annual audit and include all work
				  done as a part of or in conjunction with the audit, except work intended solely
				  for the improvement of the accounting system.
Authority
				  G.S.
				  159-3(f);
Eff.
				  February 1, 1976;
Readopted Eff. September 23, 1977;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0500 - AUDIT CONTRACTS › Section 03 .0504 - WHO MAY PERFORM AUDITS

Current through Register Vol. 39, No. 2, July 15, 2024
The following persons may perform audits under this
				  Section:
(1) Any person who holds a
				valid and unrevoked certificate to practice as a certified public accountant in
				North Carolina, provided that a non-resident holder of such a certificate must
				also satisfy the Secretary that he has an adequate knowledge of the laws of the
				state as they apply to governmental units;
(2) An audit agency of the State of North
				Carolina or of the United States Government provided that the said agency
				agrees in advance to comply with the applicable requirements and conditions
				listed in 20 NCAC 03 .0502 and the audit
				engagement is directly and continuously supervised by a person who holds a
				valid license to practice as a CPA in any of the fifty states or the District
				of Columbia, and provided further that an audit by an agency of the State of
				North Carolina is specifically approved by the State Auditor of North
				Carolina;
(3) Any person, who
				fulfills all of the following criteria may be approved by the Commission as
				qualified to audit local government accounts:
(a) He has practiced as an accountant in the
				State of North Carolina for at least three years;
(b) He has completed at least 15 semester
				hours of accounting courses in an accredited institution of higher education
				including cost accounting, auditing and the theory of accounts;
(c) He has passed, within the three years
				immediately prior to approval, either the theory of accounts and auditing
				examinations given by the N.C. Board of Certified Public Account Examiners or
				other equivalent examination(s);
(d) He has passed an examination on the
				principals of governmental accounting and auditing and on state law as it
				applies to the operations of the type of governmental unit to be audited. Said
				examination to be given only after the applicant has completed 3(a), (b), and
				(c) of this Rule. The approval by the commission shall be for a term of five
				years and may be renewed for five year periods; provided that the Commission
				may at any renewal require the applicant to take and pass one or more of the
				examinations listed as 3(c) and (d) of this Rule, prior to the Commission
				renewing its approval.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0500 - AUDIT CONTRACTS › Section 03 .0505 - AUDIT BILLINGS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) All invoices
				for services rendered in an audit engagement as defined in Rule .0503 of this
				Section shall be submitted to the Secretary for approval before any payment is
				made. Payment before approval is a violation of law pursuant to
				G.S.
				159-34(a).
(b) Invoices shall be approved only under the
				following circumstances:
(1) there is a valid
				contract;
(2) the report of audit
				has been received;
(3) the audit
				billing conforms to the requirements of the contract and of this
				Section;
(4) the audit billing
				shows all calculations necessary to compute the fee from the rates and terms
				shown in the contract; and
(5)
				there are no circumstances known to the Secretary indicating that the audit
				report may fail to conform to the requirements of the contract and of this
				Section.
Notwithstanding the above, the Secretary may approve interim
				  billings up to a maximum of 75 percent of the billings for the last annual
				  audit of the subject unit submitted to the Secretary. Provided however, that
				  the Secretary or a deputy secretary may approve a higher or lower amount if he
				  or she finds that such would be more equitable under a particular set of
				  circumstances.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0500 - AUDIT CONTRACTS › Section 03 .0506 - WITHHOLDING OF APPROVAL

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Whenever any of
				the following conditions exists, the Secretary may withhold approval under
				either 20
				NCAC 03 .0502 or
				20 NCAC
				03 .0505:
(1) The auditor has failed to furnish to the
				commission reports on any audit subject to the approval of the Commission, when
				nine months has elapsed since the later of the date of the contract or the end
				of the fiscal period to be audited.
(2) The auditor exhibits in his reports of
				audit a lack of knowledge of North Carolina law or of generally accepted
				accounting principles.
(3) The
				Commission has reason to believe that the audit was not performed in accord
				with the requirements of this Section.
Whenever an approval is withheld by the Commission, the
				  Commission shall notify the auditor immediately of the withholding of the
				  approval, and the specific reason therefore.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0500 - AUDIT CONTRACTS › Section 03 .0507 - REPEALED - NON-PROFIT CORPORATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  159-3(f);
				  159-34;
				  159-40;
Eff.
				  September 23, 1977;
Repealed Eff. August 1,
				  1987.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0500 - AUDIT CONTRACTS › Section 03 .0508 - RESPONSE TO THE INDEPENDENT AUDITOR'S FINDINGS, RECOMMENDATIONS, AND FISCAL MATTERS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) If the governing body of a government
				unit is notified by its independent auditor that the audited financial
				statements presented to the governing body included one or more significant
				deficiencies, material weaknesses, other findings or if the auditor determined
				that Financial Performance Indicators of Concern were identified based on
				information presented in the audited financial statements, then the governing
				body shall develop a "Response to the Auditor's Findings, Recommendations, and
				Fiscal Matters" ("Response"), pursuant to this Rule, signed by a majority of
				the members of the governing body. The governing body shall submit the Response
				to the Secretary within 60 days of the auditor's presentation.
(b) The Response shall address each
				significant deficiency, material weakness and other audit finding presented to
				the governing body and shall provide a plan to address each Financial
				Performance Indicator of Concern reported to the governing body. The Response
				shall include the following:
(1) Audit
				Findings
(A) A written description of the
				procedure, process, or action plan developed by the government unit to address
				each finding, including all material weaknesses and significant deficiencies,
				and any other issues related to the internal controls or fiscal health of the
				government unit as disclosed in the management letter, the Single Audit or
				Yellow Book reports, or any other communications from the auditor regarding
				internal controls as required by current auditing standards set by the
				Accounting Standards Board or its successors.
(B) The description shall provide specific
				and detailed steps with measurable results that allow the governing body to
				conclude that the procedure, process, or action plan as implemented and
				followed by the staff of the government unit, will address the specific audit
				finding. The description may include such information as the date for
				implementation, position titles responsible for implementation, positions
				performing the procedures or processes, frequency of performance, and other
				matters necessary to evaluate the success of the procedure or
				process.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0600 - SCHOOL BUDGETING AND ACCOUNTING › Section 03 .0601 - ENCUMBRANCE ACCOUNTING

Current through Register Vol. 39, No. 2, July 15, 2024
All school administrative units shall use the encumbrance
				  method of accounting in any fiscal year in which its total membership is 6,000
				  or more, as defined in
				  G.S.
				  115C-430.
Authority
				  G.S.
				  115-440(c);
Eff.
				  February 1, 1976;
Readopted Eff. September 23, 1977;
Amended Eff. April 1, 1985;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0600 - SCHOOL BUDGETING AND ACCOUNTING › Section 03 .0602 - REPEALED - SCHOOL REVENUES SUSCEPTIBLE TO ACCRUAL

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  115-440(d);
Eff.
				  February 1, 1976;
Readopted Eff. September 23, 1977;
Repealed Eff. April 1, 1985.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0701 - REPEALED - GENERAL INFORMATION

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  159-3(f);
				  159-30(c)(7);
Eff. February 1, 1982;
Amended Eff. October 1, 2017;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0702 - REPEALED - DEFINITION OF TERMS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  159-3(f);
				  159-30(c)(6a);
Eff. February 1, 1982;
Amended Eff. April 1, 1985;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0703 - REPEALED - MINIMUM FUND STANDARDS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  159-3(f);
				  159-30(c)(7);
Eff. February 1, 1982;
Amended Eff. April 1, 1987;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0704 - REPEALED - REQUIREMENTS FOR THE RFP

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  159-3(f);
				  159-30(c)(7);
Eff. February 1, 1982;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0705 - REPEALED - ISSUANCE OF THE RFP

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  159-3(f);
				  159-30(c)(7);
Eff. February 1, 1982;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0706 - REPEALED - CERTIFICATION AND TERMINATION OF MANAGER

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  159-3(f);
				  159-30(c)(6a);
Eff. February 1, 1982;
Amended Eff. April 1, 1985;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0707 - REPEALED - TERMINATION FOR CAUSE

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  159-3(f);
				  159-30(c)(7);
Eff. February 1, 1982;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0708 - REPEALED - REVIEW OF MANAGER

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  159-3(f);
				  159-30(c)(7);
Eff. February 1, 1982;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0709 - REPEALED - DELEGATION OF AUTHORITY

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  159-3(f);
				  159-30(c)(7);
Eff. February 1, 1982;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0710 - GENERAL INFORMATION

Current through Register Vol. 39, No. 2, July 15, 2024
Correspondence required by the rules of this Section shall be
				  addressed to: Secretary, Local Government Commission, Department of State
				  Treasurer, 3200 Atlantic Avenue, Raleigh, North Carolina 27604 or emailed to
				  SLGFD@nctreasurer.com.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0711 - DEFINITION OF TERMS

Current through Register Vol. 39, No. 2, July 15, 2024
The following words and phrases used in this Section are
				  defined as follows:
(1) "Active
				Participants" means Eligible Participants that are currently invested in a
				Fund.
(2) "Affiliate" means, with
				respect to a party, any person, entity, or organization that either directly or
				indirectly controls, is controlled by, or is under common control with such
				party, including any employee, officer, or director of such party.
(3) "Broker-Dealer" means either a "broker"
				or a "dealer" as both are defined in the Securities Exchange Act of 1934 which
				is incorporated by reference, including subsequent amendments and editions and
				is available online, at
https://uscode.house.gov/browse/prelim@title15/chapter2B&edition=prelim
at no cost.
(4) "Certified Money
				Market Mutual Fund" means a mutual fund certified pursuant to this Section
				which meets the definition of "Money Market Mutual Fund" in this
				Rule.
(5) "Certified Mutual Fund"
				means a mutual fund certified pursuant to this Section which does not meet the
				definition of "Money Market Mutual Fund" in this Rule.
(6) "Decertification Period" means the period
				of time beginning on the date the Commission adopts a resolution terminating
				the certification of a Fund and ending in 30 calendar days or on a date
				specified in the resolution.
(7)
				"Eligible Participants" means the following North Carolina entities: local
				governments and public authorities as defined in G.S. 159-7, school
				administrative units, local ABC boards, community colleges, public hospitals,
				and other entities authorized by North Carolina law to use forms of investment
				allowed by G.S. 159-30.
(8) "Fund"
				means a mutual fund certified pursuant to this Section.
(9) "Manager" means the investment adviser
				managing a Fund certified pursuant to this Section as required by Rule .0712(f)
				of this Section.
(10) "Money Market
				Mutual Fund" means a money market fund that complies with  17 C.F.R. 270.2a-7 and which maintains a stable one-dollar net asset value (NAV) per
				share.
(11) "Reporting Event" means
				any of the following which either is a public record or is required by law to
				be reported to the Active Participants:
(a) an
				administrative, civil, or criminal enforcement action taken pursuant to federal
				or state law against a Fund, a Manager, or an Affiliate of a Fund or
				Manager;
(b) a notice from the SEC
				that SEC staff intends to recommend an enforcement action against a Fund, or,
				with respect to services provided to the relevant Fund, against a Manager or an
				Affiliate of a Fund or Manager; or
(c) a non-routine inquiry or investigation
				pursuant to securities law or regulation by the SEC or other federal, state, or
				self-regulatory body or organization against a Fund, a Manager, or an Affiliate
				of a Fund or Manager.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0712 - MINIMUM FUND STANDARDS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A Fund may
				only invest in securities permitted by G.S. 159-30(c). A Fund shall not
				purchase any security with a maturity exceeding seven years.
(b) A Fund shall be registered with the SEC
				as an investment company pursuant to the Investment Company Act of 1940 and
				shall comply with all applicable SEC rules, regulations, and reporting
				requirements. The SEC requirements of 17 CFR Chapter 2 are incorporated by
				reference, including subsequent amendments and editions, and are available
				online, at
https://www.ecfr.gov/current/title-17/chapter-II
at no cost. SEC registration and compliance do not modify the requirement that
				a Fund comply with G.S. 159-30. The Investment Company Act of 1940 is
				incorporated by reference, including subsequent amendments and editions and is
				available online, at
https://uscode.house.gov/browse/prelim@title15/chapter2D/subchapter1&edition=prelim
at no cost.
(c) A Fund shall be
				established and operated in such a manner that any local, state, or federal
				income tax liability shall be passed through to the Active
				Participants.
(d) A Fund shall
				periodically report performance in conformance with SEC rules and regulations,
				17 CFR Chapter 2, and the reports shall include at least annually the Fund's
				performance against the benchmarks assigned by the Fund. A Fund shall assign a
				benchmark that meets the following requirements:
(1) is unaffiliated with the Fund's
				Manager;
(2) is specified in
				advance; and
(3) is representative
				of the Fund's current investment strategy and parameters.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0713 - CERTIFICATION OF A FUND

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A prospective Manager may request
				certification of a Fund by submitting a proposal to the Secretary containing
				the following information:
(1) the name of the
				Fund;
(2) the address of the
				Fund;
(3) the Fund
				prospectus;
(4) the most recent
				holdings report;
(5) the most
				recent annual report;
(6) an
				attestation that the Fund meets, and shall maintain compliance with, the
				minimum Fund standards set forth in Rule .0712 of this Section;
(7) if the Fund is seeking certification as a
				Money Market Mutual Fund, an attestation that the Fund meets, and shall
				maintain compliance with, the definition in Rule .0711 of this Section of Money
				Market Mutual Fund; and
(8) a list
				of all Broker-Dealers selling or marketing the Fund.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0714 - REVIEW OF FUND AND ATTESTATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				Beginning one year after the effective date of the certification of a Fund, and
				by December 31 each year thereafter, the Manager shall submit an attestation to
				the Secretary:
(1) attesting that the Fund
				continues to meet the minimum Fund standards provided in Rule .0712 of this
				Section;
(2) listing all Reporting
				Events from the date of the prior attestation provided to the Secretary or, in
				the case of the first attestation of a Fund, all Reporting Events from the date
				of the initial submission of proposal for certification, and attesting that no
				other Reporting Event has occurred;
(3) attesting that the sale and marketing of
				the Fund adheres to all applicable federal and state laws and
				regulations;
(4) if the Fund is a
				Certified Money Market Mutual Fund, attesting that the Fund continues to comply
				with the definition of Certified Money Market Mutual Fund in Rule .0711 of this
				Section;
(5) providing a list of
				the Broker-Dealers selling or marketing the Fund;
(6) providing a holdings report including all
				holdings from the date of the prior attestation provided to the Secretary or,
				in the case of the first attestation of a Fund, all holdings from the date of
				the holdings report provided in the initial submission of proposal for
				certification; and
(7) providing
				the most recent Fund prospectus and annual report.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT › Section 03 .0715 - TERMINATION OF CERTIFICATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The Commission may adopt a resolution
				terminating the certification of a Fund due to one or more of the following:
(1) A Manager or a Fund violates any of the
				rules in this Section and the Commission finds that there has been a material
				adverse effect on the Fund or the interests of the Active
				Participants.
(2) A Fund fails to
				meet a federal or state legal requirement and the Commission finds that there
				has been a material adverse effect on the Fund or the interests of the Active
				Participants.
(3) A Fund fails to
				submit an attestation pursuant to Rule .0714 of this Section within 30 calendar
				days of the due date.
(4) The
				Manager of a Fund requests termination of certification.
(5) A Fund is dissolved or
				terminated.
(6) A Reporting Event
				has occurred, and the Commission finds that there has been a material adverse
				effect on the Fund or the interests of the Active Participants.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0800 - SYSTEM OF REGISTRATION › Section 03 .0801 - APPROVAL OF A SYSTEM OF REGISTRATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) No
				requests for approval of a system of registration shall be brought before the
				Commission except as provided in this Rule.
(b) If the issuer elects to use the system of
				registration established for the state and its political subdivisions by the
				current contract between a financial institution providing corporate trust
				services and the State Treasurer of North Carolina, the request for approval
				shall include a signed copy of the agreement permitting the issuer to operate a
				system of registration under said contract.
(c) If the issuer does not elect to use the
				system of registration, established for the state, the request for approval
				shall include a copy of all agreements necessary to effectuate the system,
				including all fee schedules and documentary evidence that any differences
				between the requested system and the system established for the state will not
				affect the initial issuance of the bonds in question or any subsequent issue of
				similar bonds.
(d) The Commission
				will not accept any requests for approval of a system of registration unless it
				specifies its application to a specific bond issue approved or to be approved
				by the Commission.
(e) The
				Commission hereby delegates to the secretary the authority to approve requests
				made under Paragraph (b) of the Rule.
Authority
				  G.S.
				  159-3(f);
				  159E-4;
Eff. August
				  1, 1983;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0800 - SYSTEM OF REGISTRATION › Section 03 .0802 - APPROVAL OF APPOINTMENT OF AGENTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The
				Commission hereby delegates to the secretary the authority to approve any
				request for approval of the appointment of an agent which is a bank or trust
				company licensed to do corporate trust business in this state or, if not
				licensed in this state, with unimpaired capital notes, stock and surplus of at
				least one hundred million dollars ($100,000,000) and has provided the same or
				similar services over the last 12 month period for marketable bonds and notes
				of an average value of at least one billion dollars ($1,000,000,000).
(b) All other requests for approval of the
				appointment of agents shall be brought to the Commission with documentary
				evidence that the agent to be appointed will be acceptable to the market
				community and will not result in an increase in ability or cost of selling the
				bonds or notes of the issuer.
Authority
				  G.S.
				  159-3(f);
				  159E-8;
Eff. August
				  1, 1983;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0800 - SYSTEM OF REGISTRATION › Section 03 .0803 - MAXIMUM RATES FOR AGENCY SERVICES

Current through Register Vol. 39, No. 2, July 15, 2024
The maximum rates for agency services shall be the rates in
				  effect from time to time for provisions of like services to the
				  state.
Authority
				  G.S.
				  159-3(f);
				  159-134;
Eff. August
				  1, 1983;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0900 - OTHER REQUESTS FOR APPROVAL › Section 03 .0901 - PROCESSING APPLICATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) All
				applications for approval shall be reviewed by the staff for completeness and
				responsiveness to the statutory requirements. The Secretary may require such
				additional information from the applicant as he may deem necessary. The
				Secretary may request such additional information from any party making
				comments on the application as he may deem appropriate. Failure of a party to
				provide additional information may be used by the Commission as a factor in
				approving or denying the application.
(b) The Secretary, in his own discretion, may
				require a conference to which the applicant and all parties who comment on the
				application shall be invited. Attendance at this conference shall be compulsory
				for continued consideration of the application.
(c) The staff shall provide to the commission
				a summary of the application with particular attention to the factors
				established in any applicable statutory or administrative law and a proposed
				decision. Prior to making its decision the Commission may request additional
				information from any person or governmental agency which, it deems necessary
				for making its decision. The Commission may carry over the matter to any
				subsequent meeting.
(d) The
				Commission may approve or modify the request of the governmental unit and
				specify conditions under which the approval shall be valid, including, but not
				limited to, conditions of termination or revocation and conditions under which
				the unit may or may not be authorized to borrow money while the authorization
				is outstanding. A copy of the final decision shall be provided to the applicant
				and such other persons as request a copy.
Authority
				  G.S.
				  159-3(f);
Eff.
				  November 1, 1983;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0900 - OTHER REQUESTS FOR APPROVAL › Section 03 .0902 - EXPIRED - HEARING ON CONFORMANCE TO PRIOR APPROVALS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  159-3(f);
Eff.
				  November 1, 1983;
Expired Eff. February 1, 2018 pursuant to
				  G.S.
				  150B-21.3A.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0900 - OTHER REQUESTS FOR APPROVAL › Section 03 .0903 - APPLICATION TO AMEND: PRIOR APPROVALS

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				Whenever there is a substantial change in the economic environment or situation
				in which the governmental unit operates, the governing board of the
				governmental unit may make an application to amend a prior approval by the
				Commission.
(b) An application to
				amend prior approvals shall be submitted in the same manner as required for
				initial approval plus the following additional items in the Board resolution:
(1) A statement of the changes in the
				economic environment or situation and estimates of the financial effects
				thereof; and
(2) A statement of the
				modification of the approval being requested by the Board and the Board's
				reasoning for making each specific request for modification.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0900 - OTHER REQUESTS FOR APPROVAL › Section 03 .0904 - COUNTY USE OF SALES TAXES PURSUANT TO G.S. 105-487(C)

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				Any county desiring to make application to the Commission under
				G.S.
				105-487(c) shall submit Form
				LGC-101, Application to Use Allocated Additional Sales Tax Revenue for Other
				Than School Capital Outlay Purposes, including debt service.
(b) The following documents shall be attached
				to the application:
(1) A certified copy of
				the resolution of the Board of county commissioners. The resolution shall
				contain as a minimum the following:
(A) The
				petition to the commission;
(B) The
				period for which the petition is to apply;
(C) The projected capital outlay requirements
				of the schools in the county during each year of the petition period;
(D) The sources from which the county intends
				to appropriate moneys for school capital outlay needs during each year of the
				petition period; and
(E) If the
				proposal contemplates the use of borrowed funds, the resolution shall identify
				the revenue sources to be used for repayment and the Board's reasoning for
				using borrowed funds as opposed to the pay-as-you-go concept inherent in the
				legislation authorizing the levy of the additional sales tax.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0900 - OTHER REQUESTS FOR APPROVAL › Section 03 .0905 - MUNICIPALITY USE OF SALES TAXES PURSUANT TO G.S.105-487(C)

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Any municipality desiring to make
				application to the Commission under
				G.S.
				105-487(c) shall submit Form
				LGC-102, Application to Use Allocated Additional Sales Tax Revenues for Other
				Than Water and Wastewater Capital Needs, including debt service.
(b) The following documents shall be attached
				to the application:
(1) A certified copy of
				the resolution of the governing board. The resolution shall contain as a
				minimum the following:
(A) The petition to
				the commission;
(B) The period for
				which the petition is to apply;
(C)
				The projected capital needs for water and wastewater in the municipality or its
				extraterritorial service area during each year of the petition
				period;
(D) The sources from which
				the governing board intends to make appropriations to meet the water and
				wastewater capital needs during the petition period; and
(E) If the proposal contemplates the use of
				borrowed funds, the resolution shall identify the revenue sources to be used
				for repayment and the Board's reasoning for using borrowed funds as opposed to
				the pay-as-you-go concept inherent in the legislation authorizing the levy of
				the additional sales tax.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0900 - OTHER REQUESTS FOR APPROVAL › Section 03 .0906 - ANNEXATION: REQUESTS BY RURAL FIRE DEPARTMENT

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				rural fire department may apply, pursuant to
				G.S.
				160A-37.1 and 49.1, to the Commission for an
				order staying the operation of an annexation ordinance where it is alleged that
				no good faith offer of compensation has been made.
(b) The request shall be made in letter form
				signed by the president and secretary of the rural fire department. To this
				letter shall be attached the following:
(1) A
				certified copy of the resolution of the governing body of the fire department.
				The resolution shall contain as a minimum:
(A)
				The petition to the commission;
(B)
				The circumstances surrounding the annexation including all substantive
				dates.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .0900 - OTHER REQUESTS FOR APPROVAL › Section 03 .0907 - ANNEXATION: ASSUMPTION OF DEBT

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A city and a
				rural fire department may request the approval of a payment schedule for a
				share of the debt of the rural fire department to be paid by the
				city.
(b) The request shall be in
				letter form and shall be signed by the chairman and clerk to the governing
				board for the city and by the president and secretary for the rural fire
				department. The request shall include as a minimum the following:
(1) A map showing the jurisdiction of the
				rural fire department, any special districts related thereto and the area
				annexed;
(2) A summary of the
				history of the issuance or incurrance of the debt including all substantive
				dates;
(3) The payment schedule of
				the total debt and of the portion to be paid by the city;
(4) The calculation of the amount(s) to be
				paid by the city;
(5) Certified
				copies of resolutions of the governing boards of the city and of the rural fire
				department agreeing to the amounts to be paid by the city.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .1000 - EVIDENTIARY HEARING ON REFUNDING BONDS › Section 03 .1001 - DEFINITIONS

Current through Register Vol. 39, No. 2, July 15, 2024
The words and phrases in this Section of the administrative
				  rules will have the same meanings as set forth in
				  G.S.
				  159-1 and
				  G.S.
				  159B-3.
Authority
				  G.S.
				  159-3(f);
				  159B-25(b);
Eff. November 1, 1990;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .1000 - EVIDENTIARY HEARING ON REFUNDING BONDS › Section 03 .1002 - WHO MAY REQUEST A HEARING

Current through Register Vol. 39, No. 2, July 15, 2024
Any municipality or joint agency that wishes to issue
				  refunding bonds pursuant to
				  G.S.
				  159B-25(b) and meets the
				  time limits set forth in that subsection of the statute may request an
				  evidentiary hearing before the Local Government Commission.
Authority
				  G.S.
				  159-3(f);
				  159B-25(b);
Eff. November 1, 1990;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .1000 - EVIDENTIARY HEARING ON REFUNDING BONDS › Section 03 .1003 - PETITION FOR HEARING

Current through Register Vol. 39, No. 2, July 15, 2024
The municipality or joint agency shall file a petition with
				  the Secretary of the Local Government Commission setting forth the facts upon
				  which its desire to issue refunding bonds is based and any legal arguments
				  supporting its view that issuance of the refunding bonds is proper. The
				  municipality or joint agency shall mail one original and ten copies of the
				  petition to the office of the Secretary of the Local Government Commission at
				  3200 Atlantic Avenue, Raleigh, North Carolina 27604. No filing fee shall be
				  required.
Authority
				  G.S.
				  159-3(f);
				  159B-25(b);
Eff. November 1, 1990;
Amended Eff. October 1, 2017;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .1000 - EVIDENTIARY HEARING ON REFUNDING BONDS › Section 03 .1004 - HEARING OFFICER

Current through Register Vol. 39, No. 2, July 15, 2024
The State Treasurer shall designate the hearing officer
				  responsible for the conduct of the evidentiary hearing and for making a
				  recommendation for decision to the Local Government
				  Commission.
Authority
				  G.S.
				  159-3(f);
				  159B-25(b);
Eff. November 1, 1990;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .1000 - EVIDENTIARY HEARING ON REFUNDING BONDS › Section 03 .1005 - TIME FOR THE HEARING

Current through Register Vol. 39, No. 2, July 15, 2024
The evidentiary hearing shall be scheduled by the hearing
				  officer within 30 days of the receipt by the Secretary of the Local Government
				  Commission of a petition requesting the hearing.
Authority
				  G.S.
				  159-3(f);
				  159B-25(b);
Eff. November 1, 1990;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .1000 - EVIDENTIARY HEARING ON REFUNDING BONDS › Section 03 .1006 - NOTICE OF HEARING

Current through Register Vol. 39, No. 2, July 15, 2024
The hearing officer shall give notice by certified mail of
				  the time, date and place of the hearing to the petitioner and its member
				  municipalities at least 15 days prior thereto.
Authority
				  G.S.
				  159-3(f);
				  159B-25(b);
Eff. November 1, 1990;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.