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Home » US Law » 2022 North Carolina General Statutes » Chapter 159 - Local Government Finance » Article 9 - Bond Anticipation, Tax, Revenue and Grant Anticipation Notes.

§ 159-160 – Definitions.

159-160. Definitions. As used in this Part, the words "unit" or "issuing unit" means "unit of local government" as defined in G.S. 159-44 or G.S. 159-102, "municipality" as defined in G.S. 159-81, and the State of North Carolina. (1973, c. 494, s. 36; 1981 (Reg. Sess., 1982), c. 1276, s. 9; 1983, c. 554, s. […]

§ 159-161 – Bond anticipation notes.

159-161. Bond anticipation notes. At any time after a bond order has taken effect and with the approval of the Commission, the issuing unit may borrow money for the purposes for which the bonds are to be issued, in anticipation of the receipt of the proceeds of the sale of the bonds, and within the […]

§ 159-162 – Security of general obligation bond anticipation notes.

159-162. Security of general obligation bond anticipation notes. The faith and credit of the issuing unit are hereby pledged for the payment of each note issued in anticipation of the sale of general obligation bonds according to its terms, and the power and obligation of the issuing unit to levy taxes and raise other revenues […]

§ 159-163 – Security of revenue bond anticipation notes.

159-163. Security of revenue bond anticipation notes. Notes issued in anticipation of the sale of revenue bonds are hereby declared special obligations of the issuing unit. Neither the credit nor the taxing power of the issuing unit may be pledged for the payment of notes issued in anticipation of the sale of revenue bonds, and […]

§ 159-164 – Form of notes to be issued.

159-164. Form of notes to be issued. Bond anticipation loans shall be evidenced by negotiable notes in bearer form or by certificated or uncertificated registered public obligations pursuant to the Registered Public Obligations Act. Such notes and certificated registered public obligations are hereby declared to be investment securities within the meaning of Article 8 of […]

§ 159-165 – Sale and delivery of bond anticipation notes.

159-165. Sale and delivery of bond anticipation notes. (a) Bond anticipation notes of a municipality, including special obligation bond anticipation notes issued pursuant to Article 7A of this Chapter, shall be sold by the Commission at public or private sale according to such procedures as the Commission may prescribe. Bond anticipation notes of the State […]

§ 159-168 – "Unit" defined.

159-168. "Unit" defined. For purposes of this Part, "unit," "unit of local government," or "issuing unit" mean a "unit of local government" as defined by G.S. 159-7(b) and a "public authority" as defined by G.S. 159-7(b). (1973, c. 494, s. 40; 1975, c. 674, s. 2.)

§ 159-169 – Tax anticipation notes.

159-169. Tax anticipation notes. (a) A unit of local government having the power to levy taxes is authorized to borrow money for the purpose of paying appropriations made for the current fiscal year in anticipation of the collection of taxes due and payable within the fiscal year, and to issue its negotiable notes in evidence […]

§ 159-170 – Revenue anticipation notes.

159-170. Revenue anticipation notes. (a) Authorization; Term. – A unit of local government or a nonprofit corporation or association operating or leasing a public hospital as defined in G.S. 159-39, is authorized to borrow money for the purpose of paying appropriations made or expenses budgeted or incurred for the current fiscal year in anticipation of […]

§ 159-171 – Grant anticipation notes.

159-171. Grant anticipation notes. (a) A unit of local government is authorized to borrow money for the purpose of paying appropriations made for a capital project in anticipation of the receipt of moneys from grant commitments for such capital project from the State or the United States or any agencies of either, and to issue […]

§ 159-172 – Authorization and issuance of notes.

159-172. Authorization and issuance of notes. (a) Notes issued under this Part shall be authorized by resolution of the governing board of the issuing unit. The resolution shall fix the maximum aggregate principal amount of notes to be issued thereunder, and may authorize any officer to fix, within the limitations prescribed by the resolution, the […]