reglab/housing_qa huggingface dataset:
NC Gen Stat § 159-93 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5 - Revenue Bonds.|§ 159-93 - Agreement of the State.

 159-93. Agreement of the State.The State of North Carolina does pledge to and agree with the holders of any revenue bonds or revenue bond anticipation notes heretofore or hereafter issued by the State or any municipality in this State that so long as any such bonds or notes are outstanding and unpaid the State will not limit or alter the rights vested in the State or the municipality at the time of issuance of the bonds or notes to establish, maintain, revise, charge, and collect such rates, fees, rentals, tolls, and other charges for the use, services, facilities, and commodities of or furnished by the revenue bond project in connection with which the bonds or notes, or bonds or notes refunded by the bonds or notes, were issued as shall produce revenues at least sufficient with other available funds to meet the expense of maintenance and operation of and renewal and replacements to such project, including reserves therefor, to pay when due the principal, interest, and redemption premiums (if any) of the bonds or notes, and to fulfill the terms of any agreements made with the bondholders or noteholders, nor will the State in any way impair the rights and remedies of the bondholders or noteholders until the bonds or notes and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders or noteholders, are fully paid, met, and discharged. (1971, c. 780, s. 1; 1973, c. 494, s. 20; 1983, c. 554, s. 13.)
NC Gen Stat § 159-94 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5 - Revenue Bonds.|§ 159-94 - Limited liability.

 159-94. Limited liability.(a) Revenue bonds shall be special obligations of the State or the municipality issuing them. The principal of and interest on revenue bonds shall not be payable from the general funds of the State or the municipality, as the case may be, nor shall they constitute a legal or equitable pledge, charge, lien, or encumbrance upon any of its property or upon any of its income, receipts, or revenues, except the funds which are pledged under the bond order authorizing the bonds. Neither the credit nor the taxing power of the State or the municipality, as the case may be, are pledged for the payment of the principal or interest of revenue bonds, and no holder of revenue bonds has the right to compel the exercise of the taxing power by the State or the municipality, as the case may be, or the forfeiture of any of its property in connection with any default thereon. Every revenue bond shall recite in substance that the principal of and interest on the bond is payable solely from the revenues pledged to its payment and that the State or the municipality, as the case may be, is not obligated to pay the principal or interest except from such revenues.(b) Repealed by Session Laws 2001-474, s. 39. (Ex. Sess. 1938, c. 2, s. 7; 1953, c. 922, s. 3; 1971, c. 780, s. 1; 1983, c. 554, s. 14; 1989, c. 168, s. 43; 2001-474, s. 39.)
NC Gen Stat § 159-95 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5 - Revenue Bonds.|§ 159-95 - Approval of State agencies.

 159-95. Approval of State agencies.The general design and plan of any revenue bond project undertaken for water systems or facilities or sewage disposal systems or facilities shall be subject to the approval of the Commission for Public Health or the State Environmental Management Commission to the same extent that such projects would be if they were not financed by revenue bonds, and the provisions of the revenue bond order shall be consistent with any requirements imposed on the project by the Commission for Public Health or the State Environmental Management Commission. No revenue bond project for the acquisition or construction of systems or facilities for the generation, production, or transmission of gas or electric power may be undertaken by the State or a municipality unless the State or municipality, as the case may be, shall first obtain a certificate of convenience and necessity from the North Carolina Utilities Commission. (Ex. Sess. 1938, c. 2, s. 9; 1949, c. 1081; 1967, c. 555; 1969, c. 688, s. 2; 1971, c. 780, s. 1; 1973, c. 476, s. 128; c. 494, s. 21; c. 1262, s. 23; 1983, c. 554, s. 15; 2007-182, s. 2.)
NC Gen Stat § 159-99 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5A - Capital Appreciation Bonds.|§ 159-99 - Definition; terms and conditions.

 159-99. Definition; terms and conditions.(a) Capital Appreciation Bond Defined. - For purposes of this Article, the term "capital appreciation bond" means a bond that meets all of the following conditions:(1) It is sold, at public or private sale, at a price substantially less, as conclusively determined by the issuer of the bond, than the principal amount of the bond.(2) Compounded interest on the bond is payable at maturity.(3) The bond is designated as a capital appreciation bond within the meaning of this Article by the proceedings of the issuer of the bond providing for its issuance.(b) Calculating Principal Amount. - For purposes of calculating the aggregate principal amount of bonds within the meaning of any constitutional or statutory limitation on the incurrence of debt, the aggregate principal amount of any capital appreciation bonds is the aggregate of the initial offering prices at which the bonds are offered for sale to the public, including private or negotiated sales, or sold to the initial purchaser of the bonds in a private placement, in either case without reduction to reflect underwriters' discount or placement agents' or other intermediaries' fees.(c) Terms and Conditions. - The proceedings providing for the issuance of any capital appreciation bonds may provide for the issuance of terms bonds or serial bonds, or both, the establishment of sinking funds for or the redemption of term bonds, the issuance of capital appreciation bonds at the same time and as part of the same issue of any other type of bonds, the method of calculating the principal amount of any such capital appreciation bonds outstanding for the purpose of determining, within the meaning of the proceedings and otherwise, application of debt service provisions, funds into which debt service payments are to be deposited, application of redemption provisions, bondowners' voting rights and consents, pro rata application of available funds, and any other matters the issuer considers appropriate. (1987, c. 650; 2004-170, ss. 40(a), 40(c).)
NC Gen Stat § 159-100 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5A - Capital Appreciation Bonds.|§ 159-100 - Authorization.

 159-100. Authorization.(a) Revenue Bond Act. - The State and local governmental units are authorized to issue capital appreciation bonds pursuant to the provisions of The State and Local Government Revenue Bond Act.(b) Local Government Bond Act. - Local governmental units are authorized to issue capital appreciation bonds pursuant to the provisions of The Local Government Bond Act. In connection with the issuance of a series of bonds containing capital appreciation bonds issued by local governmental units pursuant to The Local Government Bond Act, the Local Government Commission may require that annual debt service on the series of bonds be as nearly level or equal as possible taking into consideration prevailing financial techniques, including, without limitation, the postponement of principal maturities in early years of the issue and the use of capitalized interest. The Local Government Commission may also limit the amount of a series of bonds that may be issued as capital appreciation bonds and to make the issuance of any capital appreciation bonds subject to a finding by the Commission or the issuer that the issuance of the bonds will not increase the aggregate amount of debt service payable on the series of bonds of which the capital appreciation bonds constitute a part.(c) Future Acts. - Local governmental units are authorized to issue capital appreciation bonds pursuant to the provisions of any law enacted in the future. (1987, c. 650; 2004-170, ss. 40(b), 40(c).)
NC Gen Stat § 159-101 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 6 - Project Development Financing Act.|§ 159-101 - Short title.

 159-101. Short title.This Article may be cited as the "North Carolina Project Development Financing Act." (2003-403, s. 2.)
NC Gen Stat § 159-102 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 6 - Project Development Financing Act.|§ 159-102 - Unit of local government defined.

 159-102. Unit of local government defined.For the purposes of this Article, the term "unit of local government" means a county or a municipal corporation. (2003-403, s. 2.)
NC Gen Stat § 159-104 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 6 - Project Development Financing Act.|§ 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 debt instrument issue; preliminary conference; acceptance of application.A unit of local government may not issue project development financing debt instruments under this Article unless the issue is approved by the Local Government Commission. The governing body of the issuing unit shall file with the secretary of the Commission an application for Commission approval of the issue. At the time of application, the governing body shall publish a public notice of the application in a newspaper of general circulation in the unit of local government. The application shall include any statements of facts and documents concerning the proposed debt instruments, development financing district, and development financing plan, and the financial condition of the unit, required by the secretary. The Commission may prescribe the form of the application.Before accepting the application, the secretary may require the governing body or its representatives to attend a preliminary conference in order to discuss informally the proposed issue, district, and plan and the timing of the steps to be taken in issuing the debt instruments. The development financing plan need not be adopted by the governing body at the time it files the application with the secretary. However, before the Commission may enter its order approving the debt instruments, the governing body must adopt the plan and make the findings described in G.S. 159-105(b)(1) and (5).After an application in proper form and order has been filed, and after a preliminary conference if one is required, the secretary shall notify the unit in writing that the application has been filed and accepted for submission to the Commission. The secretary's statement is conclusive evidence that the unit has complied with this section. (2003-403, s. 2.)
NC Gen Stat § 159-105 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 6 - Project Development Financing Act.|§ 159-105 - Approval of application by Commission.

 159-105. Approval of application by Commission.(a) In determining whether to approve a proposed project development financing debt instrument issue, the Commission may inquire into and consider any matters that it considers relevant to whether the issue should be approved, including:(1) Whether the projects to be financed from the proceeds of the project development financing debt instrument issue are necessary to secure significant new project development for a development financing district.(2) Whether the proposed projects are feasible. In making this determination, the Commission may consider any additional security such as credit enhancement, insurance, or guaranties.(3) The unit of local government's debt management procedures and policies.(4) Whether the unit is in default in any of its debt service obligations.(5) Whether the private development forecast in the development financing plan would likely occur without the public project or projects to be financed by the project development financing debt instruments.(6) Whether taxes on the incremental valuation accruing to the development financing district, together with any other revenues available under G.S. 159-110, will be sufficient to service the proposed project development financing debt instruments.(7) The ability of the Commission to market the proposed project development financing debt instruments at reasonable rates of interest.(b) The Commission shall approve the application if, upon the information and evidence it receives, it finds all of the following:(1) The proposed project development financing debt instrument issue is necessary to secure significant new economic development for a development financing district.(2) The amount of the proposed project development financing debt is adequate and not excessive for the proposed purpose of the issue.(3) The proposed projects are feasible. In making this determination, the Commission may consider any additional security such as credit enhancement, insurance, or guaranties.(4) The unit of local government's debt management procedures and policies are good, or that reasonable assurances have been given that its debt will henceforth be managed in strict compliance with law.(5) The private development forecast in the development financing plan would not be likely to occur without the public projects to be financed by the project development financing debt instruments.(6) The proposed project development financing debt instruments can be marketed at reasonable interest cost to the issuing unit.(7) The issuing unit has, pursuant to G.S. 160A-515.1 or G.S. 158-7.3, adopted a development financing plan for the development financing district for which the instruments are to be issued. (2003-403, s. 2.)
NC Gen Stat § 159-106 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 6 - Project Development Financing Act.|§ 159-106 - Order approving or denying the application.

 159-106. Order approving or denying the application.(a) After considering an application, the Commission shall enter its order either approving or denying the application. An order approving an issue is not an approval of the legality of the debt instruments in any respect.(b) Unless the debt instruments are to be issued for a development financing district for which a project development financing debt instrument issue has already been approved, the day the Commission enters its order approving an application for project development financing debt instruments is also the effective date of the development financing district for which the instruments are to be issued.(c) If the Commission enters an order denying the application, the proceedings under this Article are at an end. (2003-403, s. 2.)
NC Gen Stat § 159-109 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 6 - Project Development Financing Act.|§ 159-109 - Special covenants.

 159-109. Special covenants.A project development financing debt instrument order or a trust agreement securing project development financing debt instruments may contain covenants regarding:(1) The pledge of all or any part of the taxes received or to be received on the incremental valuation in the development financing district during the life of the debt instruments.(2) Rates, fees, rentals, tolls, or other charges to be established, maintained, and collected, and the use and disposal of revenues, gifts, grants, and funds received or to be received.(3) The setting aside of debt service reserves and the regulation and disposition of these reserves.(4) The custody, collection, securing, investment, and payment of any moneys held for the payment of project development financing debt instruments.(5) Limitations or restrictions on the purposes to which the proceeds of sale of project development financing debt instruments may be applied.(6) Limitations or restrictions on the issuance of additional project development financing debt instruments or notes for the same development financing district, the terms upon which additional project development financing debt instruments or notes may be issued or secured, or the refunding of outstanding project development financing debt instruments or notes.(7) The acquisition and disposal of property for project development financing debt instrument projects.(8) Provision for insurance and for accounting reports, and the inspection and audit of accounting reports.(9) The continuing operation and maintenance of projects financed with the proceeds of the project development financing debt instruments. (2003-403, s. 2.)
NC Gen Stat § 159-110 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 6 - Project Development Financing Act.|§ 159-110 - Security of project development financing debt instruments.

 159-110. Security of project development financing debt instruments.Project development financing debt instruments are special obligations of the issuing unit. Moneys in the Revenue Increment Fund required by G.S. 159-107(c) are pledged to the payment of the instruments, in accordance with G.S. 159-107(f). Except as provided in G.S. 159-111, the unit may pledge the following additional sources of funds to the payment of the debt instruments, and no other sources: the proceeds from the sale of property in the development financing district; net revenues from any public facilities, other than portions of public utility systems, in the development financing district financed with the proceeds of the project development financing debt instruments; and, subject to G.S. 159-47, net revenues from any other public facilities, other than portions of public utility systems, in the development financing district constructed or improved pursuant to the development financing plan.Except as provided in G.S. 159-111, the principal and interest on project development financing debt instruments do not constitute a legal or equitable pledge, charge, lien, or encumbrance upon any of the unit's property or upon any of its income, receipts, or revenues, except as may be provided pursuant to this section. Except as provided in G.S. 159-107 and G.S. 159-111, neither the credit nor the taxing power of the unit is pledged for the payment of the principal or interest of project development financing debt instruments, and no holder of project development financing debt instruments has the right to compel the exercise of the taxing power by the unit or the forfeiture of any of its property in connection with any default on the instruments. Unless the unit's taxing power has been pledged pursuant to G.S. 159-111, every project development financing debt instrument shall contain recitals sufficient to show the limited nature of the security for the instrument's payment and that it is not secured by the full faith and credit of the unit. (2003-403, s. 2.)
NC Gen Stat § 159-112 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 6 - Project Development Financing Act.|§ 159-112 - Limitations on details of debt instruments.

 159-112. Limitations on details of debt instruments.In fixing the details of project development financing debt instruments, the governing body of the issuing unit of local government is subject to these restrictions and directions:(1) The maturity date shall not exceed the shorter of (i) the longest of the various maximum periods of usefulness for the projects to be financed with debt instrument proceeds, as prescribed by the Local Government Commission pursuant to G.S. 159-122, or (ii) the end of the thirtieth year after the effective date of the development financing district.(2) The first payment of principal shall be payable not more than seven years after the date of the debt instruments.(3) Any debt instrument may be made payable on demand or tender for purchase as provided in G.S. 159-79, and any debt instrument may be made subject to redemption prior to maturity, with or without premium, on such notice, at such times, and with such redemption provisions as may be stated. Interest on the debt instruments shall cease when the instruments have been validly called for redemption and provision has been made for the payment of the principal of the instruments, any redemption, any premium, and the interest on the instruments accrued to the date of redemption.(4) The debt instruments may bear interest at such rates payable semiannually or otherwise, may be in such denominations, and may be payable in such kind of money and in such place or places within or without this State as the issuing unit may determine. (2003-403, s. 2.)
NC Gen Stat § 159-113 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 6 - Project Development Financing Act.|§ 159-113 - Annual report.

 159-113. Annual report.In July of each year, each unit of local government with outstanding project development financing debt instruments shall make a report to any other unit, and to any special district as defined in G.S. 159-7, in which the development financing district for which the instruments were issued is located. This report shall set out the base valuation for the development financing district, the current valuation for the district, the amount of remaining project development financing debt for the district, and the unit's estimate of when the debt will be retired. The unit of local government may meet this requirement by reporting this information in its annual financial statements required by G.S. 159-34. (2003-403, s. 2.)
NC Gen Stat § 159-120 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 7 - Issuance and Sale of Bonds.|§ 159-120 - Definitions.

 159-120. Definitions.As used in this Article, unless the context clearly requires another meaning, the words "unit" or "issuing unit" mean "unit of local government" as defined in G.S. 159-44 or G.S. 159-102, "municipality" as defined in G.S. 159-81, and the State of North Carolina, and the words "governing body," when used with respect to the State of North Carolina, mean the Council of State. (1973, c. 494, s. 30; 1981 (Reg. Sess., 1982), c. 1276, s. 3; 1983, c. 554, s. 17; 2003-403, s. 6.)
NC Gen Stat § 159-121 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 7 - Issuance and Sale of Bonds.|§ 159-121 - Coupon or registered bonds to be issued.

 159-121. Coupon or registered bonds to be issued.Bonds may be issued as (i) coupon bonds payable to bearer, (ii) coupon bonds registrable as to principal only or as to both principal and interest, or (iii) bonds without coupons registered as to both principal and interest. Each issuing unit may appoint or designate a bond registrar who shall be charged with the duty of attending to the registration and the registration of transfer of bonds. (1917, c. 138, s. 29; 1919, c. 178, s. 3(29); C.S., s. 2955; 1921, c. 8, s. 1; Ex. Sess. 1921, c. 106, s. 1; 1927, c. 81, s. 36; 1971, c. 780, s. 1; 1973, c. 494, s. 22.)