§ 159-87 – Order approving or denying the application.
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.
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 […]
§ 159-80 – Short title; repeal of local acts.
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.
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.
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.
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.
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.
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 […]