NC S307

Transfers management of the Swain County Settlement Trust Fund from the State Treasurer to the Board of Commissioners of Swain County.

Establishes the fund's initial balance at $52,000,000 from the 1943 settlement agreement between Swain County and the U.S. Department of Interior.

Allows the Board of Commissioners to withdraw fund assets exceeding the initial balance no more than once per quarter, subject to referendum approval for withdrawals of principal.

Requires two-thirds approval from registered voters in a referendum conducted by the Swain County Board of Elections before any principal balance can be withdrawn.

Authorizes the State Treasurer to intercept fund withdrawals to cover any defaulted retirement system contributions owed by Swain County Schools.