AN ACT TO ALLOW THE BOARD OF COMMISSIONERS OF SWAIN COUNTY TO MANAGE THE SWAIN COUNTY SETTLEMENT TRUST FUND AND TO WITHDRAW CERTAIN ASSETS FROM THE FUND.
Amends GS 147-69.6 concerning the Swain County Settlement Trust Fund (Trust Fund) as follows. Places the Trust Fund under the management of the Swain County Board of Commissioners (Board) instead of the State Treasurer. Allows the Board to invest Fund assets in investment programs established by the State Treasurer for non-pension participants. Prohibits any portion of the initial balance (defined as $52 million) from being withdrawn by the Board unless the Swain County Board of Elections certifies that two-thirds of the registered votes of the County voted in favor of the withdrawal and subsequent expenditure of the amount requested in a referendum conducted under the statute. Allows the Board to withdraw assets from the Fund, limited to no more than once per quarter with the amount of the withdrawal not exceeding the amount by which the current balance exceeds the initial balance. Prohibits any part of the Fund's initial balance (was, Fund's principal) or any interest or other income earned on that initial balance from being paid to or received by any agent or attorney on account of services rendered in connection with negotiating the settlement between the County and the US Department of Interior or obtaining the monetary settlement. Makes conforming changes.
Effective through June 30, 2024, also amends the statute by adding that upon notification to the State Treasure and the Board by the Board of Trustees of the Teachers' and State Employees' Retirement System or the Board of Trustees of the Local Governmental Employees' Retirement System of the default on any contributions due to the retirement system of Swain County Schools, the State Treasurer must intercept from any withdrawal of assets from the Fund by the Board an amount equal to the sum of all payments due to the Retirement Systems Division of the Department of State Treasurer and transmit that amount to the Retirement Systems Division. Makes additional conforming changes.
Effective July 1, 2019.