§ 58-84-25. Disbursement of funds by Insurance Commissioner.
§ 58‑84‑25. Disbursement of funds by Insurance Commissioner.
(a) Distribution. TheInsurance Commissioner shall deduct the sum of three percent (3%) from the taxproceeds credited to the Department pursuant to G.S. 105‑228.5(d)(3) andpay the same over to the treasurer of the State Firemen's Association forgeneral purposes. The Insurance Commissioner shall deduct the sum of twopercent (2%) from the tax proceeds and retain the same in the budget of theDepartment of Insurance for the purpose of administering the disbursement offunds by the board of trustees in accordance with the provisions of G.S. 58‑84‑35.The Insurance Commissioner shall, pursuant to G.S. 58‑84‑50, creditthe amount forfeited by nonmember fire districts to the North Carolina State Firemen'sAssociation. The Insurance Commissioner shall distribute the remaining taxproceeds to the treasurer of each fire district as provided in subsections (b)and (c) of this section.
(b) Allocation toCounties. The Insurance Commissioner shall allocate to each county an amountof tax proceeds based upon the amount allocated to it in the previous year. Ifthe amount allocable in the current year is less than the amount allocated inthe previous year, then the Commissioner shall reduce the amount allocated toeach county. The amount of the reduction is equal to the difference in theamount allocated in the previous year and the amount allocable in the currentyear multiplied by a fraction, the numerator of which is the population of thecounty and the denominator of which is the population of the State. If theamount allocable in the current year is greater than the amount allocated inthe previous year, then the Commissioner shall increase the amount allocated toeach county. The amount of the increase is equal to the excess proceedsmultiplied by a fraction, the numerator of which is the population of thecounty and the denominator of which is the population of the State.
(c) Distribution toFire Districts. Once the Insurance Commissioner has allocated the taxproceeds to a county under subsection (b) of this section, the Commissionershall distribute those allocations to the fire districts in that county. Theamount distributed to each fire district is equal to the total amount allocatedto the county multiplied by a fraction, the numerator of which is the tax valueof the property located in the fire district and the denominator of which isthe tax value of all property located in any fire district in that county. Acounty shall provide the Commissioner with the tax value of property located ineach fire district in that county by January 1 of each year. If a county doesnot submit information that the Commissioner needs to make a distribution bythe date the information is due, the Commissioner shall distribute theallocation based on the most recent information the Commissioner has.
(d) Administration. Thesefunds shall be held by the treasurer of a fire district as a separate anddistinct fund. The fire district shall immediately pay the funds to thetreasurer of the local board of trustees upon the treasurer's election andqualification, for the use of the board of trustees of the firemen's localrelief fund in each fire district, which board shall be composed of fivemembers, residents of the fire district as hereinafter provided for, to be usedby it for the purposes provided in G.S. 58‑84‑35. (1907, c. 831, s. 5; C.S., s.6067; 1925, c. 41; 1985 (Reg. Sess., 1986), c. 1014, s. 168; 1989, c. 485, s.63; 1995 (Reg. Sess., 1996), c. 747, s. 7; 2006‑196, s. 7; 2007‑250,s. 2.)