159-46. Faith and credit pledged.
The faith and credit of the issuing unit are hereby pledged for the payment of the principal of and interest on all bonds issued under this Article and debt instruments secured by a pledge of its faith and credit in accordance with the limitations and procedures prescribed in Chapter 159G of the General Statutes according to their terms, and the power and obligation of the issuing unit to levy taxes and raise other revenues for the prompt payment of installments of principal and interest or for the maintenance of sinking funds shall be unrestricted as to rate or amount, notwithstanding any other provisions of law whether general, special, local, or private. (1971, c. 780, s. 1; 1987, c. 796, s. 2(2).)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 159 - Local Government Finance
Article 4 - Local Government Bond Act.
§ 159-43 - Short title; legislative intent.
§ 159-45 - All general obligation bonds subject to Local Government Bond Act.
§ 159-46 - Faith and credit pledged.
§ 159-47 - Additional security for utility or public service enterprise bonds.
§ 159-48 - For what purposes bonds may be issued.
§ 159-49 - When a vote of the people is required.
§ 159-52 - Approval of application by Commission.
§ 159-53 - Order approving or disapproving an application.
§ 159-55 - Sworn statement of debt; debt limitation.
§ 159-55.1 - Statement of disclosures necessary for bond authorization.
§ 159-56 - Publication of bond order as introduced.
§ 159-56.1 - Certain proceedings ratified notwithstanding provisions of § 159-56.
§ 159-57 - Hearing; passage of bond order.
§ 159-58 - Publication of bond order as adopted.
§ 159-59 - Limitation of action to set aside order.
§ 159-60 - Petition for referendum on bond issue.
§ 159-61 - Bond referenda; majority required; notice of referendum; form of ballot; canvass.
§ 159-62 - Limitation on actions contesting validity of bond referenda.
§ 159-63 - Repeal of bond orders.
§ 159-64 - Within what time bonds may be issued.
§ 159-65 - Resolution fixing the details of the bonds.
§ 159-66 - Validation of former proceedings and actions.
§ 159-67 - Procedures if a county votes to relocate the county seat.
§ 159-68 - Certain provisions not applicable to refunding bonds.
§ 159-73 - Financing or refinancing agreements.
§ 159-74 - Test cases testing validity of funding or refunding bonds.
§ 159-75 - Judgment validating issue; costs of the action.
§ 159-76 - Validation of bonds and notes issued before March 26, 1931.