reglab/housing_qa huggingface dataset:
NC Gen Stat § 159-66 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 4 - Local Government Bond Act.|§ 159-66 - Validation of former proceedings and actions.

 159-66. Validation of former proceedings and actions.(a) All proceedings and actions heretofore taken by the governing boards of units of local government and by the Local Government Commission to fix the details of bonds and to provide for the advertisement and sale thereof are hereby ratified, approved, confirmed and in all respects validated, notwithstanding the provisions of G.S. 159-65(4).(b) This section shall apply to all bonds sold by the Local Government Commission between July 1, 1973, and February 18, 1974. (1973, c. 872, ss. 1, 2.)
NC Gen Stat § 159-67 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 4 - Local Government Bond Act.|§ 159-67 - Procedures if a county votes to relocate the county seat.

 159-67. Procedures if a county votes to relocate the county seat.Whenever the citizens of a county, by referendum, decide that the county's county seat, along with the courthouse and other county buildings and agencies, should be relocated, the board of county commissioners of that county shall forthwith begin discussions with the Local Government Commission concerning financing of the relocation. If bonds are to be issued for the relocation, or a financing agreement entered into, the board of commissioners shall apply to the Local Government Commission no later than 10 months after the day of the referendum. If a bond election is necessary, it shall be held no later than 22 months after the day of the referendum. (1975, c. 324, s. 5.)
NC Gen Stat § 159-68 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 4 - Local Government Bond Act.|§ 159-68 - Certain provisions not applicable to refunding bonds.

 159-68. Certain provisions not applicable to refunding bonds.The provisions of G.S. 159-56 and the provisions of this Article related to the holding of a public hearing prior to the adoption of the bond order do not apply to refunding bonds issued by a unit of local government so long as the refunding bonds do not extend the final maturity of the debt or obligation to be refunded and so long as the aggregate debt service over the life of the refunding bonds is less than the aggregate debt service on the debt or obligation to be refunded. When the conditions of this section are satisfied, a unit of local government may introduce a bond order, adopt a bond order, and adopt a sale resolution with respect to refunding bonds in one or more meetings of the unit's governing body. (2005-238, s. 3.)
NC Gen Stat § 159-73 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 4 - Local Government Bond Act.|§ 159-73 - Financing or refinancing agreements.

 159-73. Financing or refinancing agreements.Each unit of local government is authorized to enter into agreements with the holders of its outstanding debts for the settlement, adjustment, funding, refunding, financing, or refinancing of the debt. Such an agreement may contain any provisions not inconsistent with law and before the unit may enter into it, it must be approved by the Commission. (1971, c. 780, s. 1.)
NC Gen Stat § 159-74 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 4 - Local Government Bond Act.|§ 159-74 - Test cases testing validity of funding or refunding bonds.

 159-74. Test cases testing validity of funding or refunding bonds.At any time after the procedure for authorizing the issuance of funding or refunding bonds has been completed, but before the issuance of the bonds, the issuing unit may institute an action in the Superior Court Division of the General Court of Justice in the county in which all or any part of the unit lies, to determine the validity of the bonds and the validity of the means of payment provided therefor. The action shall be in rem, and shall be against all of the owners of taxable property within the unit and all citizens residing in the unit, but it shall not be necessary to name each such owner or citizen in the summons or complaint. Jurisdiction of all parties defendant shall be acquired by publication of a summons once a week for three successive weeks, and jurisdiction shall be complete within 20 days after the date of the last publication. Any interested party may intervene in the action. Except as otherwise provided by this section, the action shall be governed by the Rules of Civil Procedure. (1931, c. 186, ss. 4, 5; 1935, c. 290, ss. 1, 2; 1937, c. 80; 1971, c. 780, s. 1.)
NC Gen Stat § 159-75 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 4 - Local Government Bond Act.|§ 159-75 - Judgment validating issue; costs of the action.

 159-75. Judgment validating issue; costs of the action.A final decree of the General Court of Justice validating funding or refunding bonds or the financing or refinancing agreement shall be conclusive as to the validity of the bonds or the agreement.The costs of any action brought under G.S. 159-74 shall be borne by the issuing unit, including a reasonable attorney's fee for the attorney assigned by the court to defend the interests of the citizens and taxpayers in general. (1931, c. 186, ss. 6, 7; 1935, c. 290, s. 3; 1971, c. 780, s. 1; 1973, c. 494, s. 12.)
NC Gen Stat § 159-76 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 4 - Local Government Bond Act.|§ 159-76 - Validation of bonds and notes issued before March 26, 1931.

 159-76. Validation of bonds and notes issued before March 26, 1931.All bonds and notes issued before March 26, 1931, for which the issuing unit received an amount of money not less than the face amount of the bonds or notes and the proceeds of which have been spent for public purposes, and all bonds and notes subsequently issued to refund all or any portion of those bonds or notes, are hereby validated notwithstanding any lack of statutory authority or failure to observe any statutory provisions concerning the issuance of the bonds or notes. This section shall not validate any bonds or notes, the proceeds of which have been lost because of the failure of a bank. (1931, c. 186, s. 2; 1971, c. 780, s. 1; 1973, c. 494, s. 13.)
NC Gen Stat § 159-77 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 4 - Local Government Bond Act.|§ 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 of bonds taken before April 28, 1975.All proceedings heretofore taken by the governing boards of units of local government in connection with the authorization of bonds are hereby ratified, approved, confirmed and in all respects validated, notwithstanding the provisions of G.S. 159-61(c); provided that the issuance of said bonds shall have been approved at an election by a majority of the qualified voters of the unit voting thereon and that notice of said referendum shall have been published. (1975, c. 178.)
NC Gen Stat § 159-78 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 4 - Local Government Bond Act.|§ 159-78 - Special obligation refunding bonds.

 159-78. Special obligation refunding bonds.In conjunction with the issuance of refunding bonds pursuant to G.S. 159-72 or G.S. 159-84 a unit of local government may issue a series of refunding bonds which shall be payable from the excess of the amount required by a trust fund established pursuant to G.S. 159-72 or G.S. 159-84 to provide for the payment and retirement of the obligations being retired and the amount required to pay any expenses incurred in connection with such refunding to the extent such expenses are payable from said trust fund.Such refunding bonds shall be special obligations of the municipality issuing them. The principal of and interest on such refunding bonds shall not be payable from the general funds of the municipality, 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 trust fund established pursuant to G.S. 159-72 or G.S. 159-84 from which such refunding bonds are payable. Neither the credit nor the taxing power of the municipality is pledged for the payment of the principal or interest of such refunding bonds, and no holder of such refunding bonds has the right to compel the exercise of the taxing power of the municipality or the forfeiture of any of its property in connection with any default thereon. Every such refunding bond shall recite in substance that the principal of and interest on the bond is payable solely from the trust fund established for its payment and that the municipality is not obligated to pay the principal or interest except from such trust fund.Any refunding bonds issued under this section shall be issued in compliance with the procedure set forth in Article 5 of this Chapter.The principal amount of any issue of refunding bonds issued pursuant to G.S. 159-72 or G.S. 159-84, together with the principal amount of refunding bonds, if any, issued pursuant to this section in conjunction with a series of bonds issued under G.S. 159-72 or G.S. 159-84, shall not exceed the sum of the following: (i) the principal amount of the obligations being refinanced, (ii) applicable redemption premiums thereon, (iii) unpaid interest on such obligations to the date of delivery or exchange of the refunding bonds, (iv) in the event the proceeds from the sale of the refunding bonds are to be deposited in trust as provided by G.S. 159-72 or G.S. 159-84, interest to accrue on such obligations being refinanced from the date of delivery of the refunding bonds to the first or any subsequent available redemption date or dates selected, in its discretion, by the governing body of the unit of local government, or to the date or dates of maturity, whichever shall be determined by the governing body of the unit of local government to be most advantageous or necessary and (v) expenses, including bond discount, deemed by the governing body to be necessary for the issuance of the refunding bonds. (1977, c. 201, s. 2.)
NC Gen Stat § 159-80 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5 - Revenue Bonds.|§ 159-80 - Short title; repeal of local acts.

 159-80. Short title; repeal of local acts.(a) This Article may be cited as "The State and Local Government Revenue Bond Act."(b) It is the intent of the General Assembly by enactment of this Article to prescribe a uniform system of limitations upon and procedures for the exercise by all municipalities in North Carolina of the power to finance revenue bond projects through the issuance of revenue bonds and notes. To this end, all provisions of special, local, or private acts in effect as of July 1, 1973, authorizing the issuance of bonds or notes secured solely by the revenues of the projects for which the bonds or notes are issued or prescribing procedures therefor are repealed. No special, local or private act enacted or taking effect after July 1, 1973, may be construed to modify, amend, or repeal any portion of this Article unless it expressly so provides by specific reference to the appropriate section of this Article. It is further the intent of the General Assembly by enactment of this Article to provide an alternative and supplemental procedure for the exercise by the State of North Carolina of the power to finance revenue bond projects through the issuance of revenue bonds and notes. (1971, c. 780, s. 1; 1973, c. 494, s. 14; 1983, c. 554, ss. 1, 1.1.)
NC Gen Stat § 159-82 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5 - Revenue Bonds.|§ 159-82 - Purpose.

 159-82. Purpose.The purpose of this Article is to establish a standard, uniform procedure for the financing by a municipality of revenue bond projects through the issuance of revenue bonds. Its provisions are intended to vest authority in and enable municipalities to secure and pay revenue bonds and the interest thereon solely out of revenues without pledging the faith and credit of the municipality. (1971, c. 780, s. 1; 1973, c. 494, s. 16.)
NC Gen Stat § 159-85 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5 - Revenue Bonds.|§ 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; preliminary conference; acceptance of application.(a) Neither the State nor a municipality may issue revenue bonds under this Article unless the issue is approved by the Commission. The State Treasurer or the governing board of the issuing municipality or its duly authorized agent, as the case may be, shall file an application for Commission approval of the issue with the secretary of the Commission. If the issuing municipality is a regional public transportation authority, the application must be accompanied by a resolution of the special tax board of that authority approving of the application. The application shall state such facts and have attached to it such documents concerning the proposed revenue bonds and the financial condition of the State or the issuing municipality, as the case may be, and its utilities and enterprises as the secretary may require. The Commission may prescribe the form of the application.(b) Before he accepts the application, the secretary may require (i) in the case of the State, the State Treasurer or (ii) in the case of a municipality, the governing board or its representatives to attend a preliminary conference at which time the secretary and his deputies may informally discuss the proposed issue and the timing of the steps taken in issuing the bonds.(c) 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 State Treasurer or the municipality, as the case may be, in writing that the application has been filed and accepted for submission to the Commission. The secretary's statement shall be conclusive evidence that the State or the municipality, as the case may be, has complied with this section.(d) Repealed by Session Laws 2001-474, s. 39. (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. 494, s. 18; 1983, c. 554, s. 6; 1989, c. 168, s. 41; c. 740, s. 6; 2001-474, s. 39.)
NC Gen Stat § 159-86 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5 - Revenue Bonds.|§ 159-86 - Approval of application by Commission.

 159-86. Approval of application by Commission.(a) In determining whether a proposed revenue bond issue shall be approved, the Commission may consider:(1) Whether the project to be financed from the proceeds of the revenue bond issue is necessary or expedient.(2) Whether the proposed project is feasible.(3) The State's or the municipality's, as the case may be, debt management procedures and policies.(4) Whether the State or the municipality, as the case may be, is in default in any of its debt service obligations.(5) Whether the probable net revenues of the project to be financed will be sufficient to service the proposed revenue bonds.(6) The ability of the Commission to market the proposed revenue bonds at reasonable rates of interest.The Commission may inquire into and give consideration to any other matters that it may believe to have a bearing on whether the issue should be approved.  (b) The Commission shall approve the application if, upon the information and evidence it receives, it finds and determines:(1) That the proposed revenue bond issue is necessary or expedient.(2) That the amount proposed is adequate and not excessive for the proposed purpose of the issue.(3) That the proposed project is feasible.(4) That the State's or the municipality's, as the case may be, 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) That the proposed revenue bonds can be marketed at reasonable interest cost to the State or the municipality, as the case may be. (1971, c. 780, s. 1; 1983, c. 554, ss. 7, 8.)
NC Gen Stat § 159-87 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5 - Revenue Bonds.|§ 159-87 - Order approving or denying the application.

 159-87. 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 shall not be regarded as an approval of the legality of the bonds in any respect.(b) If the Commission enters an order denying the application, the proceedings under this Article shall be at an end. (1971, c. 780, s. 1.)
NC Gen Stat § 159-88 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5 - Revenue Bonds.|§ 159-88 - Adoption of revenue bond order.

 159-88. Adoption of revenue bond order.(a) At any time after an application is filed with the Commission for the issuance of revenue bonds, (i) in the case of the State, the Council of State and (ii) in the case of a municipality, the governing board of the municipality may adopt a revenue bond order pursuant to this Article.(b) Notwithstanding the provisions of any city charter, general law, or local act, a revenue bond order may be introduced at any regular or special meeting of the governing board of a municipality and adopted at such a meeting by a simple majority of those present and voting, a quorum being present, and need not be published or subjected to any procedural requirements governing the adoption of ordinances or resolutions by the governing board other than the procedures set out in this Article. Revenue bond orders are not subject to the provisions of any city charter or legal act concerning initiative or referendum.(c) Notwithstanding any other provision of this Article, no bond order authorizing the issuance of revenue bonds of the State shall be adopted by the Council of State until such time as the General Assembly shall have enacted legislation authorizing the undertaking of the revenue bond project to be financed and fixing the maximum aggregate principal amount of revenue bonds that shall be issued for such purpose, and such legislation shall have taken effect.(d) Repealed by Session Laws 2001-474, s. 39, effective November 29, 2001.  (1971, c. 780, s. 1; 1973, c. 494, s. 19; 1983, c. 554, s. 9; 1989, c. 168, s. 42; 2001-474, s. 39; 2012-156, s. 3.)
NC Gen Stat § 159-89 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5 - Revenue Bonds.|§ 159-89 - Special covenants.

 159-89. Special covenants.A revenue bond order or a trust agreement securing revenue bonds may be between the State or the issuing municipality and a bank or trust company located within or without the State of North Carolina, and may contain covenants as to any of the following:(1) The pledge of all or any part of revenues received or to be received from the undertaking to be financed by the bonds, or the utility or enterprise of which the undertaking is to become a part.(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 thereof.(4) The custody, collection, securing, investment, and payment of any moneys held for the payment of revenue bonds.(5) Limitations or restrictions on the purposes to which the proceeds of sale of revenue bonds then or thereafter to be issued may be applied.(6) Limitations or restrictions on the issuance of additional revenue bonds or notes; the terms upon which additional revenue bonds or notes may be issued and secured; or the refunding of outstanding or other revenue bonds.(7) The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the percentage of revenue bonds the bondholders of which must consent thereto, and the manner in which such consent may be given.(8) Events of default and the rights and liabilities arising thereupon, the terms and conditions upon which revenue bonds issued under this Article shall become or may be declared due before maturity, and the terms and conditions upon which such declaration and its consequences may be waived.(9) The preparation and maintenance of a budget with respect to the expenses of the State or a municipality, as the case may be, for the operation and maintenance of revenue bond projects.(10) The retention or employment of consulting engineers, independent auditors, and other technical consultants in connection with revenue bond projects.(11) Limitations on or the prohibition of free service by revenue bond projects to any person, firm, or corporation, public or private.(12) The acquisition and disposal of property for revenue bond projects.(13) Provisions for insurance and for accounting reports and the inspection and audit thereof.(14) The continuing operation and maintenance of the revenue bond project or the utility or enterprise of which it is to become a part. (Ex. Sess. 1938, c. 2, s. 6; 1971, c. 780, s. 1; 1983, c. 554, s. 10; 2003-388, s. 1.)
NC Gen Stat § 159-91 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5 - Revenue Bonds.|§ 159-91 - Lien of revenue bonds.

 159-91. Lien of revenue bonds.(a) All revenue bonds issued under this Article shall be equally and ratably secured by a pledge, charge, and lien upon revenues provided for in the bond order, without priority by reason of number, or of dates of bonds, execution or delivery, in accordance with the provisions of this Article and of the bond order; except that the State or a municipality may provide in a revenue bond order that revenue bonds issued pursuant thereto shall to the extent and in the manner prescribed in the order or agreement be subordinated and junior in standing, with respect to the payment of principal and interest and the security thereof, to any other revenue bonds.(b) Any pledge made by the State or a municipality pursuant to this Article shall be valid and binding from the date of final passage of the bond order upon the issuance of any bonds or bond anticipation notes thereunder. The revenues, securities, and other moneys so pledged and then held or thereafter received by the State or a municipality, as the case may be, or any fiduciary shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the State or a municipality, as the case may be, without regard to whether such parties have notice thereof. The bond order by which a pledge is created need not be filed or recorded in any manner other than as provided in this Chapter. (1971, c. 780, s. 1; 1983, c. 554, s. 12.)
NC Gen Stat § 159-92 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 5 - Revenue Bonds.|§ 159-92 - Status of revenue bonds under Uniform Commercial Code.

 159-92. Status of revenue bonds under Uniform Commercial Code.Whether or not the revenue bonds and interest coupons appertaining thereto are of such form and character as to be investment securities under Article 8 of the Uniform Commercial Code as enacted in this State, all revenue bonds represented by instruments and interest coupons appertaining thereto issued under this Article are hereby made investment securities within the meaning of and for all the purposes of Article 8 of the Uniform Commercial Code as enacted in this State, subject only to the provisions of the bonds pertaining to registration. (1971, c. 780, s. 1; 1983, c. 322, s. 3.)