159-80. Short title; repeal of local acts. (a) This Article may be cited as "The State and Local Government Revenue Bond Act." (b) It is the intent of the General Assembly by enactment of this Article to prescribe a uniform system of limitations upon and procedures for the exercise by all municipalities in North Carolina […]
159-81. Definitions. The words and phrases defined in this section shall have the meanings indicated when used in this Article: (1) "Municipality" means a county, city, town, incorporated village, sanitary district, metropolitan sewerage district, metropolitan water district, metropolitan water and sewerage district, county water and sewer district, water and sewer authority, hospital authority, hospital district, […]
159-82. Purpose. The purpose of this Article is to establish a standard, uniform procedure for the financing by a municipality of revenue bond projects through the issuance of revenue bonds. Its provisions are intended to vest authority in and enable municipalities to secure and pay revenue bonds and the interest thereon solely out of revenues […]
159-83. Powers. (a) In addition to the powers they may now or hereafter have, the State and each municipality shall have the following powers, subject to the provisions of this Article and of any revenue bond order or trust agreement securing revenue bonds: (1) To acquire by gift, purchase, or exercise of the power of […]
159-84. Authorization of revenue bonds. The State and each municipality is hereby authorized to issue its revenue bonds in such principal amount as may be necessary to provide sufficient moneys for the acquisition, construction, reconstruction, extension, betterment, improvement, or payment of the cost of one or more revenue bond projects, including engineering, inspection, legal and […]
159-85. Application to Commission for approval of revenue bond issue; preliminary conference; acceptance of application. (a) Neither the State nor a municipality may issue revenue bonds under this Article unless the issue is approved by the Commission. The State Treasurer or the governing board of the issuing municipality or its duly authorized agent, as the […]
159-86. Approval of application by Commission. (a) In determining whether a proposed revenue bond issue shall be approved, the Commission may consider: (1) Whether the project to be financed from the proceeds of the revenue bond issue is necessary or expedient. (2) Whether the proposed project is feasible. (3) The State’s or the municipality’s, as […]
159-87. Order approving or denying the application. (a) After considering an application the Commission shall enter its order either approving or denying the application. An order approving an issue shall not be regarded as an approval of the legality of the bonds in any respect. (b) If the Commission enters an order denying the application, […]
159-88. Adoption of revenue bond order. (a) At any time after an application is filed with the Commission for the issuance of revenue bonds, (i) in the case of the State, the Council of State and (ii) in the case of a municipality, the governing board of the municipality may adopt a revenue bond order […]
159-89. Special covenants. A revenue bond order or a trust agreement securing revenue bonds may be between the State or the issuing municipality and a bank or trust company located within or without the State of North Carolina, and may contain covenants as to any of the following: (1) The pledge of all or any […]
159-90. Limitations on details of bonds; additional provisions. (a) In fixing the details of revenue bonds, the State or the issuing municipality, as the case may be, shall be subject to the following restrictions and directions: (1) The maturity dates may not exceed the maximum maturity periods prescribed by the Commission for general obligation bonds […]
159-91. Lien of revenue bonds. (a) All revenue bonds issued under this Article shall be equally and ratably secured by a pledge, charge, and lien upon revenues provided for in the bond order, without priority by reason of number, or of dates of bonds, execution or delivery, in accordance with the provisions of this Article […]
159-92. Status of revenue bonds under Uniform Commercial Code. Whether or not the revenue bonds and interest coupons appertaining thereto are of such form and character as to be investment securities under Article 8 of the Uniform Commercial Code as enacted in this State, all revenue bonds represented by instruments and interest coupons appertaining thereto […]
159-93. Agreement of the State. The State of North Carolina does pledge to and agree with the holders of any revenue bonds or revenue bond anticipation notes heretofore or hereafter issued by the State or any municipality in this State that so long as any such bonds or notes are outstanding and unpaid the State […]
159-94. Limited liability. (a) Revenue bonds shall be special obligations of the State or the municipality issuing them. The principal of and interest on revenue bonds shall not be payable from the general funds of the State or the municipality, as the case may be, nor shall they constitute a legal or equitable pledge, charge, […]
159-95. Approval of State agencies. The general design and plan of any revenue bond project undertaken for water systems or facilities or sewage disposal systems or facilities shall be subject to the approval of the Commission for Public Health or the State Environmental Management Commission to the same extent that such projects would be if […]
159-96. Limitation on extraterritorial operation of enterprises financed by revenue bonds. (a) Each utility or public service enterprise listed in G.S. 159-81(3), if financed wholly or partially by revenue bonds issued under this Article, shall be owned or operated by the municipality for its own use and for the use of public and private consumers […]
159-97. Taxes for supplementing revenue bond projects. (a) For the purpose of supplementing the revenues of a revenue bond project, as defined in this section, any county or city may covenant with, or may enter into an agreement with a municipality for the benefit of the holders of revenue bonds of the issuing municipality issued […]
