North Carolina General Statutes
Article 4 - Local Government Bond Act.
§ 159-54 - The bond order.

159-54. The bond order.
After or at the same time the application is filed with the Commission, a bond order shall be introduced before the governing board of the issuing unit. The bond order shall state:
(1) Briefly and generally and without specification of location or material of construction, the purpose for which the bonds are to be issued, but not more than one purpose may be stated. For funding or refunding bonds a brief description of the debt, judgment, or obligation to be funded or refunded shall be sufficient.
(2) The maximum aggregate principal amount of the bonds.
(3) That taxes will be levied in an amount sufficient to pay the principal and interest of the bonds.
(4) The extent, if any, to which utility or enterprise revenues are, or may be, pledged to payment of interest on and principal of the bonds pursuant to G.S. 159-47.
(5) That a sworn statement of debt has been filed with the clerk and is open to public inspection.
(6) If the bonds are to be approved by the voters, that the bond order will take effect when approved by the voters.
(7) If the bonds are issued pursuant to G.S. 159-48(a)(1), (2), (3), or (5), that the bond order will take effect upon its adoption. If the bonds are to be issued pursuant to G.S. 159-48(a)(4), (6), or (7) or G.S. 159-48(b), (c), or (d) and are not to be submitted to the voters, that the bond order will take effect 30 days after its publication following adoption, unless it is petitioned to a vote of the people as provided in G.S. 159-60, and that in that event the order will take effect when approved by the voters.
When the bond order is introduced, the board shall fix the time and place for a public hearing thereon. (1917, c. 138, s. 17; 1919, c. 178, s. 3(17); c. 285, s. 2; C.S., s. 2938; 1921, c. 8, s. 1; Ex. Sess. 1921, c. 106, s. 1; 1927, c. 81, s. 9; 1931, c. 60, ss. 49, 55; 1933, c. 259, ss. 1, 2; 1935, c. 302, ss. 1, 2; 1949, c. 497, ss. 1, 3; 1957, c. 856, s. 2; 1971, c. 780, s. 1; 1973, c. 494, s. 6; 2012-156, s. 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.

§ 159-44 - Definitions.

§ 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.

§ 159-50 - Notice of intent to make application for issuance of voted bonds; objection by citizens and taxpayers.

§ 159-51 - Application to Commission for approval of bond issue; preliminary conference; acceptance of application.

§ 159-52 - Approval of application by Commission.

§ 159-53 - Order approving or disapproving an application.

§ 159-54 - The bond order.

§ 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.

§ 159-72 - Purposes for which funding and refunding bonds may be issued; when such bonds may be issued.

§ 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.

§ 159-77 - Validation of all proceedings in connection with the authorization of bonds taken before April 28, 1975.

§ 159-78 - Special obligation refunding bonds.

§ 159-79 - Variable rate demand bonds and notes.