160A-480.11. Faith and credit of State and units of local government not pledged.
Bonds or notes issued under this Part shall not constitute a debt secured by a pledge of the faith and credit of the State or a political subdivision of the State and shall be payable solely from the revenues, property, and other funds pledged for their payment. The bonds or notes issued by an Authority shall contain a statement that the Authority is obligated to pay the bond or note or the interest on the bond or note only from the revenues, property, or other funds pledged for their payment and that neither the faith and credit nor the taxing power of the State or any political subdivision of the State is pledged as security for the payment of the principal of or the interest or premium on the bonds or notes. (1995, c. 458, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 160A - Cities and Towns
Article 20 - Interlocal Cooperation.
§ 160A-461 - Interlocal cooperation authorized.
§ 160A-464 - Provisions of the agreement.
§ 160A-466 - Revenue and expenditures for joint undertakings.
§ 160A-470 - Creation of regional councils; definition of "unit of local government".
§ 160A-472 - Contents of charter.
§ 160A-473 - Organization of council.
§ 160A-474 - Withdrawal from council.
§ 160A-475 - Specific powers of council.
§ 160A-478 - Powers granted are supplementary.
§ 160A-479 - Creation of authority; definition.
§ 160A-479.1 - Purpose of the authority.
§ 160A-479.2 - Jurisdiction of the authority.
§ 160A-479.4 - Contents of charter.
§ 160A-479.5 - Organization of authority.
§ 160A-479.6 - Withdrawal from authority.
§ 160A-479.7 - Powers of authority.
§ 160A-479.8 - Fiscal accountability.
§ 160A-479.10 - Controlling provisions.
§ 160A-479.11 - Conflicts of interest of public officials.
§ 160A-479.12 - Issuance of revenue bonds and notes.
§ 160A-479.13 - Acquisition of property.
§ 160A-479.14 - Tax exemption.
§ 160A-479.15 - Removal and relocation of utility structures.
§ 160A-480.3 - Creation of Authority; additional membership.
§ 160A-480.4 - Powers of an Authority.
§ 160A-480.5 - Dissolution of Authority.
§ 160A-480.6 - Construction contracts.
§ 160A-480.7 - Seating at regional facility arena.
§ 160A-480.9 - Trust agreement or resolution.
§ 160A-480.11 - Faith and credit of State and units of local government not pledged.
§ 160A-480.12 - Revenue refunding bonds.
§ 160A-480.13 - Bonds eligible for investment.
§ 160A-480.14 - Taxation of revenue bonds.