159-138. Cancellation of bonds and notes.
Each bond or note and coupon shall be cancelled when (i) it is paid, or (ii) it is acquired by the issuing unit in any manner other than purchase for investment. A full report of the cancellation of all bonds, notes, and coupons shall be made to the secretary on forms provided by the Commission. (1931, c. 60, s. 27; 1939, c. 356; 1971, c. 780, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 159 - Local Government Finance
Article 7 - Issuance and Sale of Bonds.
§ 159-121 - Coupon or registered bonds to be issued.
§ 159-122 - Maturities of bonds.
§ 159-123 - Sale of bonds by sealed bids; private sales.
§ 159-124 - Date of sale; notice of sale and blank proposal.
§ 159-125 - Bid instructions; bid deposit.
§ 159-126 - Rejection of bids.
§ 159-128 - Makeup and formal execution of bonds; temporary bonds.
§ 159-129 - Obligations of units certified by Commission.
§ 159-130 - Record of issues kept.
§ 159-131 - Contract for services to be approved by Commission.
§ 159-132 - State Treasurer to deliver bonds and remit proceeds.
§ 159-133 - Suit to enforce contract of sale.
§ 159-135 - Application of proceeds.
§ 159-136 - Issuing unit to make and report debt service payments.
§ 159-137 - Lost, stolen, defaced, or destroyed bonds or notes.
§ 159-138 - Cancellation of bonds and notes.
§ 159-139 - Destruction of cancelled bonds, notes, and coupons.