159-27.1. Use of revenue bond project reimbursements; restrictions.
The finance officer of a unit shall deposit any funds received by the unit as a reimbursement of a loan or advance made by the unit pursuant to G.S. 159-83(a)(8a) in the fund from which the unit originally derived the funds to make the loan or advance.
If the funds originally loaned or advanced were proceeds of a bond issue, any funds received as reimbursement shall be applied as required by this section. The funds shall be applied as provided in the instrument securing payment of the bond issue if the instrument contains applicable provisions. Otherwise, the funds shall be applied to either (i) the same general purposes as those for which the bond issue was authorized, or (ii) payment of debt service on the bond issue, including principal, interest, and premium, if any, upon redemption, or payment of the purchase price of bonds for retirement at not more than their face value and accrued interest. After all the bonds of the issue have been paid or satisfied in full, any funds received as reimbursement shall be deposited in the general fund of the unit and may be used for any general fund purpose. (1991, c. 508, s. 3, c. 761, s. 29.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 159 - Local Government Finance
Article 3 - The Local Government Budget and Fiscal Control Act.
§ 159-7 - Short title; definitions; local acts superseded.
§ 159-8 - Annual balanced budget ordinance.
§ 159-11 - Preparation and submission of budget and budget message.
§ 159-12 - Filing and publication of the budget; budget hearings.
§ 159-13 - The budget ordinance; form, adoption, limitations, tax levy, filing.
§ 159-13.1 - Financial plan for intragovernmental service funds.
§ 159-13.2 - Project ordinances.
§ 159-14 - Trust and custodial funds; budgets of special districts.
§ 159-15 - Amendments to the budget ordinance.
§ 159-17 - Ordinance procedures not applicable to budget or project ordinance adoption.
§ 159-17.1 - Vending facilities.
§ 159-18 - Capital reserve funds.
§ 159-20 - Funding capital reserve funds.
§ 159-27 - Distribution of tax collections among funds according to levy.
§ 159-27.1 - Use of revenue bond project reimbursements; restrictions.
§ 159-28 - Budgetary accounting for appropriations.
§ 159-28.1 - Facsimile signatures.
§ 159-30 - Investment of idle funds.
§ 159-30.1 - Trust for other post-employment benefits.
§ 159-30.2 - Trust for law enforcement special separation allowance benefits.
§ 159-31 - Selection of depository; deposits to be secured.
§ 159-32.1 - Electronic payment.
§ 159-33 - Semiannual reports on status of deposits and investments.
§ 159-33.1 - Semiannual reports of financial information.
§ 159-33.2 - Interim event reporting.
§ 159-34 - Annual independent audit; rules and regulations.
§ 159-35 - Secretary of Local Government Commission to notify units of debt service obligations.
§ 159-36 - Failure of local government to levy debt service taxes or provide for payment of debt.
§ 159-37 - Reports on status of sinking funds.
§ 159-38 - Local units authorized to accept their bonds in payment of certain claims and judgments.
§ 159-39 - Special regulations pertaining to public hospitals.
§ 159-40 - Special regulations pertaining to nonprofit corporations receiving public funds.
§ 159-41 - Special regulations pertaining to joint municipal power agencies.
§ 159-42 - Special regulations pertaining to public housing authorities.
§ 159-42.1 - Establishment of nonprofit corporation by public authority authorized.