NORTH CAROLINA GENERAL ASSEMBLY
1963 SESSION

CHAPTER 900
HOUSE BILL 1282

AN ACT TO AUTHORIZE THE TOWN OF DALLAS IN GASTON COUNTY, NORTH CAROLINA, TO PAY FOR THE PURCHASE OF CERTAIN ARTICLES OF PERSONAL PROPERTY BY EXECUTION OF A CHATTEL MORTGAGE.

The General Assembly of North Carolina do enact:

Section 1. It shall be lawful for the Town of Dallas to pay for the purchase of any fire truck, or other emergency equipment, by executing a promissory note and chattel mortgage, or a conditional sales contract, to secure the balance of the purchase price of said fire truck or emergency equipment. The note and chattel mortgage, or conditional sales contract herein referred to, may contain a provision for the payment of interest not in excess of six per cent (6%) per annum. The terms and conditions of the conditional sales contract, note, and/or chattel mortgage hereinbefore authorized, shall provide for payment in full by the Town of Dallas within seven (7) years from the date of purchase, and shall be due and payable in regular monthly or annual installments.
Sec. 2. When authorized to do so by a resolution of the Board of Aldermen, the Mayor of the Town of Dallas shall execute and the clerk of said town shall attest, the security instrument hereinbefore authorized, and said instrument shall thereafter constitute a legal and binding obligation of the Town of Dallas, Gaston County, North Carolina, until paid and satisfied in full.
Sec. 3. All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 4. This Act shall be in full force and effect from and after its ratification.
In the General Assembly read three times and ratified, this the 12th day of June, 1963.