valuation of such territory, and the proposed name of the new town. The petition shall further be signed by at least twenty-five resident freeholders or homesteaders of the age of twenty-one years or over, at least twenty of whom are qualified voters; and further, the petition shall show the valuation of the real property of the proposed town to be at least twenty-five thousand dollars, according to the last preceding tax assessment; and the petition shall be verified by at least three of the signers who are qualified voters.. 2. Order and notice for hearing. The secretary of state shall thereupon make an order prescribing the time and place for the hearing of said petition before the municipal board of control. At least thirty days before the hearing, notice of such hearing shall be published once a week for four weeks in a newspaper published in the county where such territory is situate, designated as most likely to give notice to the people of the territory proposed to be so organized or incorporated into a town; or, if no newspaper is so published, then in some newspaper of general circulation in such proposed city, town, or incorporated village; and such notice shall also be posted at the county courthouse door of such county for a like period. Such notice shall be signed by at least three of the freeholders signing the petition for the organization of the town. C. S., s. 2781; 1917, c. 136, sub-ch. 2, s. 2. 848. Hearing of petition and order made: 1. Manner of hearing. Any qualified voter or taxpayer of such territory proposed to be incorporated into a town may appear at the hearing of such petition, and the matter shall be tried as an issue of fact by the municipal board of control, and no formal answer to the petition need be filed. The board may adjourn the hearing from time to time, in its discretion. 2. Order creating corporation. The municipal board of control shall file its findings of fact at the close of such hearing, and if it shall appear that the allegations of the petition are true, and that all the requirements in this article have been substantially complied with, and that the organization of such city, town, or incorporated village will better subserve the interests of said perand the public, the board shall enter an order creating such territory into a town, giving it the name proposed in the petition. 3. Election of officers provided for. The board of control shall provide for the place of holding the first election for mayor and sons commissioners; and shall designate how many commissioners shall serve, as set forth in subchapter I of this chapter, naming the number of commissioners, not less than three nor more than seven. The election of mayor and commissioners shall be under the same laws as now govern the election of mayor and commissioners in subchapter I of this chapter. 4. Filing papers; fees. All the papers in reference to the organization of any town under this article shall be filed and recorded in the office of the secretary of state, and certified copies. thereof shall be filed and recorded in the office of the clerk of the superior court of the county in which the town organized is situated. The fees shall be the same as are now provided for the organization of private corporations and shall be paid out of the treasury of the city, town, or incorporated village. 5. When organization complete. Upon the approval of the board of control and the recording of the papers in the offices above mentioned, the said town shall become a municipal corporation with all the powers and subject to all the laws governing towns as set forth in subchapter I of this chapter and as in this act set forth. C. S., s. 2782; 1917, c. 136, sub. 2, s. 3. SUBCHAPTER II. MUNICIPAL FINANCE. ART. 1. GENERAL PROVISIONS. 849. Short title. This act may be cited as "The Municipal Finance Act, 1921.” Ex. Session 1921, c. 106. 850. Meaning of terms. In this act, unless the context otherwise requires, the expressions: "Bond ordinance" means an ordinance authorizing the issuance of bonds of a municipality; "Clerk" means the person occupying the position of clerk or secretary of a municipality; "Financial officer" means the chief financial officer of a municipality; "Funding bonds" means bonds issued to pay or extend the time of payment of debts incurred before December sixth, one thousand nine hundred and twenty-one, not evidenced by bonds; "Governing body" means the board or body in which the general legislative powers of a municipality are vested; "Local improvement" means any improvements of property the cost of which has been or is to be specially assessed in whole or in part; "Municipality" means and includes any city, town, or incorporated village in this State, now or hereafter incorporated; "Necessary expenses" means the necessary expenses referred to in section seven of article seven of the Constitution of North Carolina; "Publication" includes posting in cases where posting is authorized by this act as a substitute for publication in a newspaper; "Refunding bonds" means bonds issued to pay or extend the time of payment of debts incurred before March seventh, one thousand nine hundred and seventeen, evidenced by bonds; "Special assessments" means special assessments for local improvements, levied on abutting property or other property specially benefited, or on street railroad companies or other companies or individuals having tracks in streets or highways, and "especially assessed" has a corresponding meaning. Ex. Session 1921, c. 106. 851. Publication of ordinance and notices. An ordinance or notice required by this act to be published by a municipality shall be published in a newspaper published in the municipality, or, if no newspaper is published therein, in a newspaper published in the county and circulating in the municipality, or, if there is no such newspaper, the ordinance or notice shall be posted at the door of the building in which the governing body usually holds its meetings and at three other public places in the municipality. Ex. Session 1921, c. 106. 852. Application and construction of act. This act shall apply to all municipalities. Every provision of this act shall be construed as being qualified by constitutional provisions, whenever such construction shall be necessary in order to sustain the constitutionality of any portion of this act. If any portion of this act shall be declared unconstitutional, the remainder shall stand, and the portion declared unconstitutional shall be exscinded. Ex. Session 1921, c. 106. ART. 2. BUDGET AND APPROPRIATIONS. 853. The fiscal year. The fiscal year of every municipality shall begin either on the first day of June or on the first day of September, as the governing body of the municipality may determine. Ex. Session 1921, c. 106. 854. Budget prepared. Not earlier than one month before, nor later than one month after the beginning of each fiscal year of a municipality, the governing body shall cause to be prepared a plan for financing the municipality during said fiscal year, which plan shall be known as the budget and shall be based upon detailed estimates furnished by the several departments and other divisions of the municipal government. Ex. Session 1921, c. 106. 855. What budget shall contain. The budget shall present the following information: 1. An itemized estimate of the appropriations necessary to be made for the current expenses and for permanent improvements for each department and division of the municipal government for the fiscal year (exclusive of expense to be paid for by means of bonds issued under article twenty-six of this chapter), for the payment of the principal and interest of debts and for deficits of the previous fiscal year, with comparative statements in parallel columns of expenditures for corresponding items so far as possible for the two preceding fiscal years. This estimate may include a contingent fund not designated for any particular purpose not exceeding five per centum of the total estimated amount of other appropriations. 2. An itemized estimate of the taxes required and of the estimated revenues of the municipality from all other sources for the fiscal year, the unencumbered balances of the appropriations, and of the surplus revenues of the previous fiscal year, with comparative statements in parallel columns of the taxes and other revenues for the two preceding fiscal years. 3. A statement of the financial condition of the municipality, and such other information as the governing body may deem advisable to state. Ex. Session 1921, c. 106. 856. Copy of budget filed for inspection. A copy of the bud get shall be filed in the office of the clerk of the municipality for public inspection not later than ter days before its adoption by the governing body, and a public hearing shall be given thereon by the governing body before the adoption of the budget, notice of which hearing shall be published. Ex. Session 1921, c. 106. 857. Change of fiscal year. The fiscal year may be changed by resolution of the governing body, which resolution shall declare that the fiscal year shall thereafter begin on the first day of September or June, as the case may be. A budget and appropriation ordinance shall be adopted for a period commencing at the expiration of the current fiscal year, in which such resolution is passed, and ending at the end of the next succeeding new fiscal year. Such a budget shall be adopted within the month preceding or the month following the beginning of such period. Ex. Session 1921, c. 106. 858. Annual appropriation ordinance. Not later than one month after the beginning of the fiscal year, the governing body shall pass the annual appropriation ordinance for the fiscal year, which shall be based on the budget. The total amount of approximations shall not exceed the total of the estimated revenue, unencumbered balances and surplus receipts. Ex. Session 1921, c. 106. 859. Appropriations made before annual ordinance. In the interval between the beginning of a fiscal year and the adoption of the annual appropriation ordinance the governing body may make appropriations for the purpose of paying fixed salaries, the principal and interest of bonded debts and other loans, the stated compensation of officers and employees and indebtedness for work performed or materials furnished under contracts made before the beginning of the fiscal year, or for the ordinary expenses of the municipality, which appropriations shall be chargeable to the appropriations in the annual appropriation ordinances for that year. Ex. Session 1921, c. 106. 860. Amendment of appropriations. At any time after the passage of the annual appropriation ordinance, the governing body may amend such ordinance so as to authorize the transfer of balances appropriated for one purpose to another purpose, or to appropriate available revenues not included in the annual budget. The amendatory ordinance, unless it be for the appropriation of available revenues not included in the annual budget, shall be published one or more times at least one week before its final passage, with notice of the time when and place where it will be finally passed: Provided, however, that such ordinance may be passed during the last three months of a fiscal year, without any previous publication or notice. Ex. Session 1921, c. 106. |