§ 159-198 – Severability.
159-198. Severability. If any provision of this Article or its application is held invalid, the invalidity does not affect other provisions or applications of this Article that can be given effect without the invalid provisions or application, and to this end the provisions of this Article are severable. (2003-388, s. 4.)
§ 159-199 – Validation of preexisting swap agreements.
159-199. Validation of preexisting swap agreements. All proceedings taken by the governing bodies of governmental units in connection with the authorization of swap agreements and all swap agreements entered into by governmental units before the effective date of this Article are ratified. (2003-388, s. 4.)
§ 159-200 – Liberal construction.
159-200. Liberal construction. This Article, being necessary for the prosperity and welfare of the State and its inhabitants, shall be liberally construed to effect its purposes. (2003-388, s. 4.)
§ 159-210 – Borrowing authority.
159-210. Borrowing authority. Whenever an airport authority is authorized by general or local act to erect and construct improvements and facilities and to lease these improvements and facilities, the authority may borrow money for use in making and paying for these improvements and facilities, secured by and on the credit only of the lease agreements […]
§ 159-216 – Borrowing authority for landfills.
159-216. Borrowing authority for landfills. (a) Whenever a unit of local government applies to the Commission for approval to enter debt by any method authorized by this Chapter for the purpose of expansion of an existing landfill within their jurisdiction, or construction of a new landfill within their jurisdiction, and to support the repayment of […]
§ 159-182 – Offending officers and employees removed from office.
159-182. Offending officers and employees removed from office. If an officer or employee of a local government or public authority persists, after notice and warning from the Commission, in failing or refusing to comply with any provision of this Chapter, he forfeits his office or employment. The Commission may enter an order suspending the offender […]
§ 159-188 – Borrowing authority.
159-188. Borrowing authority. A development authority created as a body corporate and politic by an act of the General Assembly, and having as its purpose to stimulate, foster, coordinate, plan, improve and encourage economic development in order to relieve poverty, dependency, chronic unemployment, underemployment and to promote the improvement and development of the economy of […]
§ 159-193 – Definitions.
159-193. Definitions. The following definitions apply in this Article: (1) Governmental unit. – Any of the following: a. A unit of local government as defined in G.S. 159-44. b. A municipality as defined in G.S. 159-81. c. A joint agency as defined in G.S. 159B-3. d. Any department, agency, board, commission, or authority of the […]
§ 159-194 – Swap agreements.
159-194. Swap agreements. (a) Subject to the provisions of this Article, a governmental unit may from time to time purchase, enter into, modify, amend, or terminate one or more swap agreements that it determines are necessary or desirable in connection with the issuance, incurrence, carrying, or securing of obligations. This authorization also includes the authority […]
§ 159-195 – Nature of duties of a governmental unit under a swap agreement.
159-195. Nature of duties of a governmental unit under a swap agreement. The duty of a governmental unit to make the payments required and to perform the other duties of the governmental unit under a swap agreement shall constitute a continuing contractual obligation of the governmental unit, enforceable in accordance with applicable law for the […]