159-106. 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 is not an approval of the legality of the debt instruments in any respect.
(b) Unless the debt instruments are to be issued for a development financing district for which a project development financing debt instrument issue has already been approved, the day the Commission enters its order approving an application for project development financing debt instruments is also the effective date of the development financing district for which the instruments are to be issued.
(c) If the Commission enters an order denying the application, the proceedings under this Article are at an end. (2003-403, s. 2.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 159 - Local Government Finance
Article 6 - Project Development Financing Act.
§ 159-102 - Unit of local government defined.
§ 159-103 - Authorization of project development financing debt instruments; purposes.
§ 159-105 - Approval of application by Commission.
§ 159-106 - Order approving or denying the application.
§ 159-108 - Agreements with property owners.
§ 159-109 - Special covenants.
§ 159-110 - Security of project development financing debt instruments.
§ 159-111 - Additional security for project development financing debt instruments.