There is a newer version of the North Carolina General Statutes
2009 North Carolina Code
Chapter 159 - Local Government Finance.
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Article 1 - Short Title and Definitions.
- § 159-1. Short title and definitions.
- § 159-2. Computation of time. Article 2 - Local Government Commission.
- § 159-3. Local Government Commission established.
- § 159-4. Executive committee; appeal.
- § 159-5. Secretary and staff of the Commission.
- § 159-6. Fees of the Commission. Article 3 - The Local Government Budget and Fiscal Control Act.
- § 159-7. Short title; definitions; local acts superseded.
- § 159-8. Annual balanced budget ordinance.
- § 159-9. Budget officer.
- § 159-10. Budget requests.
- § 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 agency funds; budgets of special districts.
- § 159-15. Amendments to the budget ordinance.
- § 159-16. Interim budget.
- § 159-17. Ordinance procedures not applicable to budget or project ordinance adoption.
- § 159-17.1. Vending facilities.
- § 159-18. Capital reserve funds.
- § 159-19. Amendments.
- § 159-20. Funding capital reserve funds.
- § 159-21. Investment.
- § 159-22. Withdrawals.
- § 159-23. Reserved for future codification purposes.
- § 159-24. Finance officer.
- § 159-25. Duties of finance officer; dual signatures on checks; internal control procedures subject to Commission regulation.
- § 159-26. Accounting system.
- § 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.
- § 159-29. Fidelity bonds.
- § 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. Daily deposits.
- § 159-32.1. Electronic payment.
- § 159-33. Semiannual reports on status of deposits and investments.
- § 159-33.1. Semiannual reports of financial information.
- § 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. 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.
- § 159-56. 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.
- § 159-69. Reserved for future codification purposes.
- § 159-70. Reserved for future codification purposes.
- § 159-71. Reserved for future codification purposes.
- § 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. Article 5 - Revenue Bonds.
- § 159-80. Short title; repeal of local acts.
- § 159-81. Definitions.
- § 159-82. Purpose.
- § 159-83. Powers.
- § 159-84. Authorization of revenue bonds.
- § 159-85. Application to Commission for approval of revenue bond issue; preliminary conference; acceptance of application.
- § 159-86. Approval of application by Commission.
- § 159-87. Order approving or denying the application.
- § 159-88. Adoption of revenue bond order.
- § 159-89. Special covenants.
- § 159-90. Limitations on details of bonds; additional provisions.
- § 159-91. Lien of revenue bonds.
- § 159-92. Status of revenue bonds under Uniform Commercial Code.
- § 159-93. Agreement of the State.
- § 159-94. Limited liability.
- § 159-95. Approval of State agencies.
- § 159-96. Limitation on extraterritorial operation of enterprises financed by revenue bonds.
- § 159-97. Taxes for supplementing revenue bond projects.
- § 159-98. Reserved for future codification purposes. Article 5A - Capital Appreciation Bonds.
- § 159-99. Definition; terms and conditions.
- § 159-100. Authorization. Article 6 - Project Development Financing Act.
- § 159-101. Short title.
- § 159-102. Unit of local government defined.
- § 159-103. Authorization of project development financing debt instruments; purposes.
- § 159-104. Application to Commission for approval of project development financing debt instrument issue; preliminary conference; acceptance of application.
- § 159-105. Approval of application by Commission.
- § 159-106. Order approving or denying the application.
- § 159-107. Determination of incremental valuation; use of taxes levied on incremental valuation; duration of the district.
- § 159-108. Agreements with property owners.
- § 159-109. Special covenants.
- § 159-110. Security of project development financing debt instruments.
- § 159-111. Additional security for project development financing debt instruments.
- § 159-112. Limitations on details of debt instruments.
- § 159-113. Annual report.
- § 159-114: Reserved for future codification purposes.
- §§ 159-115 through 159-119: Reserved for future codification purposes. Article 7 - Issuance and Sale of Bonds.
- § 159-120. Definitions.
- § 159-121. Coupon or registered bonds to be issued.
- § 159-122. Maturities of bonds.
- § 159-123. Sale of bonds by sealed bids; private sales.
- § 159-124. Date of sale; notice of sale and blank proposal.
- § 159-125. Bid instructions; bid deposit.
- § 159-126. Rejection of bids.
- § 159-127. Award of bonds.
- § 159-128. Makeup and formal execution of bonds; temporary bonds.
- § 159-129. Obligations of units certified by Commission.
- § 159-130. Record of issues kept.
- § 159-131. Contract for services to be approved by Commission.
- § 159-132. State Treasurer to deliver bonds and remit proceeds.
- § 159-133. Suit to enforce contract of sale.
- § 159-134. Fiscal agents.
- § 159-135. Application of proceeds.
- § 159-136. Issuing unit to make and report debt service payments.
- § 159-137. Lost, stolen, defaced, or destroyed bonds or notes.
- § 159-138. Cancellation of bonds and notes.
- § 159-139. Destruction of cancelled bonds, notes, and coupons.
- § 159-140. Bonds or notes eligible for investment.
- § 159-141. Terms and conditions of sale.
- §§ 159-142 through 159-147. Reserved for future codification purposes. Article 8 - Financing Agreements and Other Financing Arrangements.
- § 159-148. Contracts subject to Article; exceptions.
- § 159-149. Application to Local Government Commission for approval of contract.
- § 159-150. Sworn statement of debt; debt limitation.
- § 159-151. Approval of application by Commission.
- § 159-152. Order approving or denying the application.
- § 159-153. Approval of other financing arrangements.
- §§ 159-154 through 159-159. Reserved for future codification purposes. Article 9 - Bond Anticipation, Tax, Revenue and Grant Anticipation Notes.
- § 159-160. Definitions.
- § 159-161. Bond anticipation notes.
- § 159-162. Security of general obligation bond anticipation notes.
- § 159-163. Security of revenue bond anticipation notes.
- § 159-163.1. Security of project development financing debt instrument anticipation notes.
- § 159-164. Form of notes to be issued.
- § 159-165. Sale and delivery of bond anticipation notes.
- §§ 159-166 through 159-167. Reserved for future codification purposes.
- § 159-168. "Unit" defined.
- § 159-169. Tax anticipation notes.
- § 159-170. Revenue anticipation notes.
- § 159-171. Grant anticipation notes.
- § 159-172. Authorization and issuance of notes.
- §§ 159-173 through 159-175. Reserved for future codification purposes. Article 10 - Assistance for Defaulting Units in Refinancing Debt.
- § 159-176. Commission to aid defaulting units in developing refinancing plans.
- § 159-177. Power to require reports and approve budgets.
- § 159-178. Duration of Commission's powers.
- §§ 159-179 through 159-180. Reserved for future codification purposes. Article 11 - Enforcement of Chapter.
- § 159-181. Enforcement of Chapter.
- § 159-182. Offending officers and employees removed from office.
- §§ 159-183 through 159-187. Reserved for future codification purposes. Article 12 - Borrowing by Development Authorities Created by General Assembly.
- § 159-188. Borrowing authority.
- §§ 159-189 through 159-192: Reserved for future codification purposes. (2003-388, s. 4.) Article 13 - Interest Rate Swap Agreements for Governmental Units.
- § 159-193. Definitions.
- § 159-194. Swap agreements.
- § 159-195. Nature of duties of a governmental unit under a swap agreement.
- § 159-196. Approval by Commission.
- § 159-197. Additional method.
- § 159-198. Severability.
- § 159-199. Validation of preexisting swap agreements.
- § 159-200. Liberal construction.
- §§ 159-201 through 159-209: Reserved for future codification purposes. Article 14 - Borrowing by Airport Authorities.
- § 159-210. Borrowing authority.
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