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Article 1 - Short Title and Definitions.
§ 159-1 - Short title and definitions. - 159-1. Short title and definitions. (a) This Chapter may be...
§ 159-2 - Computation of time. - 159-2. Computation of time. (a) Notwithstanding any other provisions of...
Article 2 - Local Government Commission.
§ 159-3 - Local Government Commission established. - 159-3. Local Government Commission established. (a) The Local Government Commission...
§ 159-4 - Executive committee; appeal. - 159-4. Executive committee; appeal. (a) The State Auditor, the State...
§ 159-5 - Secretary and staff of the Commission. - 159-5. Secretary and staff of the Commission. The chairman shall...
§ 159-6 - Fees of the Commission. - 159-6. Fees of the Commission. (a) The Commission may charge...
Article 3 - The Local Government Budget and Fiscal Control Act.
§ 159-7 - Short title; definitions; local acts superseded. - 159-7. Short title; definitions; local acts superseded. (a) This Article...
§ 159-8 - Annual balanced budget ordinance. - 159-8. Annual balanced budget ordinance. (a) Each local government and...
§ 159-9 - Budget officer. - 159-9. Budget officer. Each local government and public authority shall...
§ 159-10 - Budget requests. - 159-10. Budget requests. Before April 30 of each fiscal year...
§ 159-11 - Preparation and submission of budget and budget message. - 159-11. Preparation and submission of budget and budget message. (a)...
§ 159-12 - Filing and publication of the budget; budget hearings. - 159-12. Filing and publication of the budget; budget hearings. (a)...
§ 159-13 - The budget ordinance; form, adoption, limitations, tax levy, filing. - 159-13. The budget ordinance; form, adoption, limitations, tax levy, filing....
§ 159-13.1 - Financial plan for intragovernmental service funds. - 159-13.1. Financial plan for intragovernmental service funds. (a) If a...
§ 159-13.2 - Project ordinances. - 159-13.2. Project ordinances. (a) Definitions. - (1) In this section...
§ 159-14 - Trust and custodial funds; budgets of special districts. - 159-14. Trust and custodial funds; budgets of special districts. (a)...
§ 159-15 - Amendments to the budget ordinance. - 159-15. Amendments to the budget ordinance. Except as otherwise restricted...
§ 159-16 - Interim budget. - 159-16. Interim budget. In case the adoption of the budget...
§ 159-17 - Ordinance procedures not applicable to budget or project ordinance adoption. - 159-17. Ordinance procedures not applicable to budget or project ordinance...
§ 159-17.1 - Vending facilities. - 159-17.1. Vending facilities. Moneys received by a public authority, special...
§ 159-18 - Capital reserve funds. - 159-18. Capital reserve funds. Any local government or public authority...
§ 159-19 - Amendments. - 159-19. Amendments. The resolution or ordinance may be amended from...
§ 159-20 - Funding capital reserve funds. - 159-20. Funding capital reserve funds. Capital reserve funds may be...
§ 159-21 - Investment. - 159-21. Investment. The cash balances, in whole or in part,...
§ 159-22 - Withdrawals. - 159-22. Withdrawals. Withdrawals from a capital reserve fund may be...
§ 159-24 - Finance officer. - 159-24. Finance officer. Each local government and public authority shall,...
§ 159-25 - Duties of finance officer; dual signatures on checks; internal control procedures subject to Commission regulation. - 159-25. Duties of finance officer; dual signatures on checks; internal...
§ 159-26 - Accounting system. - 159-26. Accounting system. (a) System Required. - Each local government...
§ 159-27 - Distribution of tax collections among funds according to levy. - 159-27. Distribution of tax collections among funds according to levy....
§ 159-27.1 - Use of revenue bond project reimbursements; restrictions. - 159-27.1. Use of revenue bond project reimbursements; restrictions. The finance...
§ 159-28 - Budgetary accounting for appropriations. - 159-28. Budgetary accounting for appropriations. (a) Incurring Obligations. - No...
§ 159-28.1 - Facsimile signatures. - 159-28.1. Facsimile signatures. The governing board of a local government...
§ 159-29 - Fidelity bonds. - 159-29. Fidelity bonds. (a) The finance officer shall give a...
§ 159-30 - Investment of idle funds. - 159-30. Investment of idle funds. (a) A local government or...
§ 159-30.1 - Trust for other post-employment benefits. - 159-30.1. Trust for other post-employment benefits. (a) Trust. - A...
§ 159-30.2 - Trust for law enforcement special separation allowance benefits. - 159-30.2. Trust for law enforcement special separation allowance benefits. (a)...
§ 159-31 - Selection of depository; deposits to be secured. - 159-31. Selection of depository; deposits to be secured. (a) The...
§ 159-32 - Daily deposits. - 159-32. Daily deposits. (a) Except as otherwise provided by law,...
§ 159-32.1 - Electronic payment. - 159-32.1. Electronic payment. A unit of local government, public hospital,...
§ 159-33 - Semiannual reports on status of deposits and investments. - 159-33. Semiannual reports on status of deposits and investments. Each...
§ 159-33.1 - Semiannual reports of financial information. - 159-33.1. Semiannual reports of financial information. (a) The finance officer...
§ 159-33.2 - Interim event reporting. - 159-33.2. Interim event reporting. The Secretary has the authority to...
§ 159-34 - Annual independent audit; rules and regulations. - 159-34. Annual independent audit; rules and regulations. (a) Each unit...
§ 159-35 - Secretary of Local Government Commission to notify units of debt service obligations. - 159-35. Secretary of Local Government Commission to notify units of...
§ 159-36 - Failure of local government to levy debt service taxes or provide for payment of debt. - 159-36. Failure of local government to levy debt service taxes...
§ 159-37 - Reports on status of sinking funds. - 159-37. Reports on status of sinking funds. Each unit or...
§ 159-38 - Local units authorized to accept their bonds in payment of certain claims and judgments. - 159-38. Local units authorized to accept their bonds in payment...
§ 159-39 - Special regulations pertaining to public hospitals. - 159-39. Special regulations pertaining to public hospitals. (a) For the...
§ 159-40 - Special regulations pertaining to nonprofit corporations receiving public funds. - 159-40. Special regulations pertaining to nonprofit corporations receiving public funds....
§ 159-41 - Special regulations pertaining to joint municipal power agencies. - 159-41. Special regulations pertaining to joint municipal power agencies. (a)...
§ 159-42 - Special regulations pertaining to public housing authorities. - 159-42. Special regulations pertaining to public housing authorities. (a) Definition....
§ 159-42.1 - Establishment of nonprofit corporation by public authority authorized. - 159-42.1. Establishment of nonprofit corporation by public authority authorized. A...
Article 4 - Local Government Bond Act.
§ 159-43 - Short title; legislative intent. - 159-43. Short title; legislative intent. (a) This Article may be...
§ 159-44 - Definitions. - 159-44. Definitions. The words and phrases defined in this section...
§ 159-45 - All general obligation bonds subject to Local Government Bond Act. - 159-45. All general obligation bonds subject to Local Government Bond...
§ 159-46 - Faith and credit pledged. - 159-46. Faith and credit pledged. The faith and credit of...
§ 159-47 - Additional security for utility or public service enterprise bonds. - 159-47. Additional security for utility or public service enterprise bonds....
§ 159-48 - For what purposes bonds may be issued. - 159-48. For what purposes bonds may be issued. (a) Each...
§ 159-49 - When a vote of the people is required. - 159-49. When a vote of the people is required. Bonds...
§ 159-50 - Notice of intent to make application for issuance of voted bonds; objection by citizens and taxpayers. - 159-50. Notice of intent to make application for issuance of...
§ 159-51 - Application to Commission for approval of bond issue; preliminary conference; acceptance of application. - 159-51. Application to Commission for approval of bond issue; preliminary...
§ 159-52 - Approval of application by Commission. - 159-52. Approval of application by Commission. (a) In determining whether...
§ 159-53 - Order approving or disapproving an application. - 159-53. Order approving or disapproving an application. (a) After considering...
§ 159-54 - The bond order. - 159-54. The bond order. After or at the same time...
§ 159-55 - Sworn statement of debt; debt limitation. - 159-55. Sworn statement of debt; debt limitation; statement of estimated...
§ 159-55.1 - Statement of disclosures necessary for bond authorization. - 159-55.1. Statement of disclosures necessary for bond authorization. (a) After...
§ 159-56 - Publication of bond order as introduced. - 159-56. Publication of bond order as introduced. After the introduction...
§ 159-56.1 - Certain proceedings ratified notwithstanding provisions of § 159-56. - 159-56.1. Certain proceedings ratified notwithstanding provisions of 159-56. All proceedings...
§ 159-57 - Hearing; passage of bond order. - 159-57. Hearing; passage of bond order. On the date fixed...
§ 159-58 - Publication of bond order as adopted. - 159-58. Publication of bond order as adopted. After adoption, the...
§ 159-59 - Limitation of action to set aside order. - 159-59. Limitation of action to set aside order. Any action...
§ 159-60 - Petition for referendum on bond issue. - 159-60. Petition for referendum on bond issue. A petition demanding...
§ 159-61 - Bond referenda; majority required; notice of referendum; form of ballot; canvass. - 159-61. Bond referenda; majority required; notice of referendum; form of...
§ 159-62 - Limitation on actions contesting validity of bond referenda. - 159-62. Limitation on actions contesting validity of bond referenda. Any...
§ 159-63 - Repeal of bond orders. - 159-63. Repeal of bond orders. A bond order may be...
§ 159-64 - Within what time bonds may be issued. - 159-64. Within what time bonds may be issued. Bonds may...
§ 159-65 - Resolution fixing the details of the bonds. - 159-65. Resolution fixing the details of the bonds. (a) After...
§ 159-66 - Validation of former proceedings and actions. - 159-66. Validation of former proceedings and actions. (a) All proceedings...
§ 159-67 - Procedures if a county votes to relocate the county seat. - 159-67. Procedures if a county votes to relocate the county...
§ 159-68 - Certain provisions not applicable to refunding bonds. - 159-68. Certain provisions not applicable to refunding bonds. The provisions...
§ 159-72 - Purposes for which funding and refunding bonds may be issued; when such bonds may be issued. - 159-72. Purposes for which funding and refunding bonds may be...
§ 159-73 - Financing or refinancing agreements. - 159-73. Financing or refinancing agreements. Each unit of local government...
§ 159-74 - Test cases testing validity of funding or refunding bonds. - 159-74. Test cases testing validity of funding or refunding bonds....
§ 159-75 - Judgment validating issue; costs of the action. - 159-75. Judgment validating issue; costs of the action. A final...
§ 159-76 - Validation of bonds and notes issued before March 26, 1931. - 159-76. Validation of bonds and notes issued before March 26,...
§ 159-77 - Validation of all proceedings in connection with the authorization of bonds taken before April 28, 1975. - 159-77. Validation of all proceedings in connection with the authorization...
§ 159-78 - Special obligation refunding bonds. - 159-78. Special obligation refunding bonds. In conjunction with the issuance...
§ 159-79 - Variable rate demand bonds and notes. - 159-79. Variable rate demand bonds and notes. (a) (See note)...
Article 5 - Revenue Bonds.
§ 159-80 - Short title; repeal of local acts. - 159-80. Short title; repeal of local acts. (a) This Article...
§ 159-81 - Definitions. - 159-81. Definitions. The words and phrases defined in this section...
§ 159-82 - Purpose. - 159-82. Purpose. The purpose of this Article is to establish...
§ 159-83 - Powers. - 159-83. Powers. (a) In addition to the powers they may...
§ 159-84 - Authorization of revenue bonds. - 159-84. Authorization of revenue bonds. The State and each municipality...
§ 159-85 - Application to Commission for approval of revenue bond issue; preliminary conference; acceptance of application. - 159-85. Application to Commission for approval of revenue bond issue;...
§ 159-86 - Approval of application by Commission. - 159-86. Approval of application by Commission. (a) In determining whether...
§ 159-87 - Order approving or denying the application. - 159-87. Order approving or denying the application. (a) After considering...
§ 159-88 - Adoption of revenue bond order. - 159-88. Adoption of revenue bond order. (a) At any time...
§ 159-89 - Special covenants. - 159-89. Special covenants. A revenue bond order or a trust...
§ 159-90 - Limitations on details of bonds; additional provisions. - 159-90. Limitations on details of bonds; additional provisions. (a) In...
§ 159-91 - Lien of revenue bonds. - 159-91. Lien of revenue bonds. (a) All revenue bonds issued...
§ 159-92 - Status of revenue bonds under Uniform Commercial Code. - 159-92. Status of revenue bonds under Uniform Commercial Code. Whether...
§ 159-93 - Agreement of the State. - 159-93. Agreement of the State. The State of North Carolina...
§ 159-94 - Limited liability. - 159-94. Limited liability. (a) Revenue bonds shall be special obligations...
§ 159-95 - Approval of State agencies. - 159-95. Approval of State agencies. The general design and plan...
§ 159-96 - Limitation on extraterritorial operation of enterprises financed by revenue bonds. - 159-96. Limitation on extraterritorial operation of enterprises financed by revenue...
§ 159-97 - Taxes for supplementing revenue bond projects. - 159-97. Taxes for supplementing revenue bond projects. (a) For the...
Article 5A - Capital Appreciation Bonds.
§ 159-99 - Definition; terms and conditions. - 159-99. Definition; terms and conditions. (a) Capital Appreciation Bond Defined....
§ 159-100 - Authorization. - 159-100. Authorization. (a) Revenue Bond Act. - The State and...
Article 6 - Project Development Financing Act.
§ 159-101 - Short title. - 159-101. Short title. This Article may be cited as the...
§ 159-102 - Unit of local government defined. - 159-102. Unit of local government defined. For the purposes of...
§ 159-103 - Authorization of project development financing debt instruments; purposes. - 159-103. Authorization of project development financing debt instruments; purposes. (a)...
§ 159-104 - Application to Commission for approval of project development financing debt instrument issue; preliminary conference; acceptance of application. - 159-104. Application to Commission for approval of project development financing...
§ 159-105 - Approval of application by Commission. - 159-105. Approval of application by Commission. (a) In determining whether...
§ 159-106 - Order approving or denying the application. - 159-106. Order approving or denying the application. (a) After considering...
§ 159-107 - Determination of incremental valuation; use of taxes levied on incremental valuation; duration of the district. - 159-107. Determination of incremental valuation; use of taxes levied on...
§ 159-108 - Agreements with property owners. - 159-108. Agreements with property owners. (a) Authorization. - A unit...
§ 159-109 - Special covenants. - 159-109. Special covenants. A project development financing debt instrument order...
§ 159-110 - Security of project development financing debt instruments. - 159-110. Security of project development financing debt instruments. Project development...
§ 159-111 - Additional security for project development financing debt instruments. - 159-111. Additional security for project development financing debt instruments. (a)...
§ 159-112 - Limitations on details of debt instruments. - 159-112. Limitations on details of debt instruments. In fixing the...
§ 159-113 - Annual report. - 159-113. Annual report. In July of each year, each unit...
Article 7 - Issuance and Sale of Bonds.
§ 159-120 - Definitions. - 159-120. Definitions. As used in this Article, unless the context...
§ 159-121 - Coupon or registered bonds to be issued. - 159-121. Coupon or registered bonds to be issued. Bonds may...
§ 159-122 - Maturities of bonds. - 159-122. Maturities of bonds. (a) (For effective date, see note)...
§ 159-123 - Sale of bonds by sealed bids; private sales. - 159-123. Sale of bonds by sealed bids; private sales. (a)...
§ 159-124 - Date of sale; notice of sale and blank proposal. - 159-124. Date of sale; notice of sale and blank proposal....
§ 159-125 - Bid instructions; bid deposit. - 159-125. Bid instructions; bid deposit. (a) Except for revenue bonds...
§ 159-126 - Rejection of bids. - 159-126. Rejection of bids. No legal bid may be rejected...
§ 159-127 - Award of bonds. - 159-127. Award of bonds. All bids received pursuant to a...
§ 159-128 - Makeup and formal execution of bonds; temporary bonds. - 159-128. Makeup and formal execution of bonds; temporary bonds. The...
§ 159-129 - Obligations of units certified by Commission. - 159-129. Obligations of units certified by Commission. Each bond or...
§ 159-130 - Record of issues kept. - 159-130. Record of issues kept. The secretary shall make a...
§ 159-131 - Contract for services to be approved by Commission. - 159-131. Contract for services to be approved by Commission. Any...
§ 159-132 - State Treasurer to deliver bonds and remit proceeds. - 159-132. State Treasurer to deliver bonds and remit proceeds. When...
§ 159-133 - Suit to enforce contract of sale. - 159-133. Suit to enforce contract of sale. The Commission may...
§ 159-134 - Fiscal agents. - 159-134. Fiscal agents. An issuing unit may employ a bank...
§ 159-135 - Application of proceeds. - 159-135. Application of proceeds. After payment of any notes issued...
§ 159-136 - Issuing unit to make and report debt service payments. - 159-136. Issuing unit to make and report debt service payments....
§ 159-137 - Lost, stolen, defaced, or destroyed bonds or notes. - 159-137. Lost, stolen, defaced, or destroyed bonds or notes. (a)...
§ 159-138 - Cancellation of bonds and notes. - 159-138. Cancellation of bonds and notes. Each bond or note...
§ 159-139 - Destruction of cancelled bonds, notes, and coupons. - 159-139. Destruction of cancelled bonds, notes, and coupons. (a) All...
§ 159-140 - Bonds or notes eligible for investment. - 159-140. Bonds or notes eligible for investment. Subject to the...
§ 159-141 - Terms and conditions of sale. - 159-141. Terms and conditions of sale. Notwithstanding the foregoing, any...
Article 7A - Special Obligation Bonds and Notes.
§ 159-146 - Additional powers of units of local government; issuance of special obligation bonds and notes. - 159-146. Additional powers of units of local government; issuance of...
Article 8 - Financing Agreements and Other Financing Arrangements.
§ 159-148 - Contracts subject to Article; exceptions. - 159-148. Contracts subject to Article; exceptions. (a) Except as provided...
§ 159-149 - Application to Local Government Commission for approval of contract. - 159-149. Application to Local Government Commission for approval of contract....
§ 159-150 - Sworn statement of debt; debt limitation. - 159-150. Sworn statement of debt; debt limitation. After or at...
§ 159-151 - Approval of application by Commission. - 159-151. Approval of application by Commission. (a) In determining whether...
§ 159-152 - Order approving or denying the application. - 159-152. Order approving or denying the application. (a) After considering...
§ 159-153 - Approval of other financing arrangements. - 159-153. Approval of other financing arrangements. (a) Commission Approval Required....
Article 9 - Bond Anticipation, Tax, Revenue and Grant Anticipation Notes.
§ 159-160 - Definitions. - 159-160. Definitions. As used in this Part, the words "unit"...
§ 159-161 - Bond anticipation notes. - 159-161. Bond anticipation notes. At any time after a bond...
§ 159-162 - Security of general obligation bond anticipation notes. - 159-162. Security of general obligation bond anticipation notes. The faith...
§ 159-163 - Security of revenue bond anticipation notes. - 159-163. Security of revenue bond anticipation notes. Notes issued in...
§ 159-163.1 - Security of project development financing debt instrument anticipation notes. - 159-163.1. Security of project development financing debt instrument anticipation notes....
§ 159-164 - Form of notes to be issued. - 159-164. Form of notes to be issued. Bond anticipation loans...
§ 159-165 - Sale and delivery of bond anticipation notes. - 159-165. Sale and delivery of bond anticipation notes. (a) Bond...
§ 159-168 - "Unit" defined. - 159-168. "Unit" defined. For purposes of this Part, "unit," "unit...
§ 159-169 - Tax anticipation notes. - 159-169. Tax anticipation notes. (a) A unit of local government...
§ 159-170 - Revenue anticipation notes. - 159-170. Revenue anticipation notes. (a) Authorization; Term. - A unit...
§ 159-171 - Grant anticipation notes. - 159-171. Grant anticipation notes. (a) A unit of local government...
§ 159-172 - Authorization and issuance of notes. - 159-172. Authorization and issuance of notes. (a) Notes issued under...
Article 9A - Borrowing by Cities for Competitive Purposes.
§ 159-175.10 - Additional requirements for review of city financing application; communications service. - 159-175.10. Additional requirements for review of city financing application; communications...
Article 10 - Assistance for Defaulting Units in Refinancing Debt.
§ 159-176 - Commission to aid defaulting units in developing refinancing plans. - 159-176. Commission to aid defaulting units in developing refinancing plans....
§ 159-177 - Power to require reports and approve budgets. - 159-177. Power to require reports and approve budgets. When a...
§ 159-178 - Duration of Commission's powers. - 159-178. Duration of Commission's powers. The power and authority granted...
Article 11 - Enforcement of Chapter.
§ 159-181 - Enforcement of Chapter. - 159-181. Enforcement of Chapter. (a) If any finance officer, governing...
§ 159-182 - Offending officers and employees removed from office. - 159-182. Offending officers and employees removed from office. If an...
Article 12 - Borrowing by Development Authorities Created by General Assembly.
§ 159-188 - Borrowing authority. - 159-188. Borrowing authority. A development authority created as a body...
Article 13 - Interest Rate Swap Agreements for Governmental Units.
§ 159-193 - Definitions. - 159-193. Definitions. The following definitions apply in this Article: (1)...
§ 159-194 - Swap agreements. - 159-194. Swap agreements. (a) Subject to the provisions of this...
§ 159-195 - Nature of duties of a governmental unit under a swap agreement. - 159-195. Nature of duties of a governmental unit under a...
§ 159-196 - Approval by Commission. - 159-196. Approval by Commission. (a) Approval Required. - If either...
§ 159-197 - Additional method. - 159-197. Additional method. This Article provides an additional and alternative...
§ 159-198 - Severability. - 159-198. Severability. If any provision of this Article or its...
§ 159-199 - Validation of preexisting swap agreements. - 159-199. Validation of preexisting swap agreements. All proceedings taken by...
§ 159-200 - Liberal construction. - 159-200. Liberal construction. This Article, being necessary for the prosperity...
Article 14 - Borrowing by Airport Authorities.
§ 159-210 - Borrowing authority. - 159-210. Borrowing authority. Whenever an airport authority is authorized by...
Article 15 - Borrowing for Expansion of Existing Landfills and Construction of New Landfills in Certain Circumstances.
§ 159-216 - Borrowing authority for landfills. - 159-216. Borrowing authority for landfills. (a) Whenever a unit of...