NC H156

Swain County Settlement Trust Fund initially contains $52,000,000 from U.S. settlement of the 1943 agreement between Swain County and the Department of Interior.

State Treasurer shall disburse interest and investment income to Swain County upon request by majority vote of the Board of Commissioners, with disbursements limited to no more than once per quarter and not exceeding annual interest and investment income earned.

Principal initial balance of $52,000,000 may only be disbursed if the Swain County Board of Commissioners requests it and two-thirds of registered voters approve via referendum.

Referendum ballots must disclose the specific purpose and amount proposed for expenditure of principal funds.

Fund is subject to State Auditor oversight and cannot replace or be counted against other State appropriations to Swain County; attorneys and agents cannot receive payment from the fund for settlement negotiations.