North Carolina § 115C-484 Issuance of bonds by cities and towns; debt statement; tax levy for repayment

North Carolina Statutes

§ 115C-484 — Issuance of bonds by cities and towns; debt statement; tax levy for repayment

North Carolina·Ch. 115C Elementary and Secondary Education·Art. 34 Refunding and Funding Bonds of School Districts·Subch. VII FISCAL AFFAIRS

In case the governing body of any city or town is the body authorized by law to levy taxes for the payment of the bonds of such district, whether the territory embraced in such district lies wholly or partly within the corporate limits of such city or town, such governing body of such city or town is hereby authorized to issue bonds at the time or from time to time for the purpose of refunding or funding the principal or interest of any bonds then outstanding which were issued by or on behalf of such school district. Except as otherwise provided in this Article, such refunding and funding bonds shall be issued in accordance with the provisions of the Local Government Bond Act, relating to the issuance of refunding and funding bonds under that act, and the provisions of the Local Government

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In case the governing body of any city or town is the body authorized by law to levy taxes for the payment of the bonds of such district, whether the territory embraced in such district lies wholly or partly within the corporate limits of such city or town, such governing body of such city or town is hereby authorized to issue bonds at the time or from time to time for the purpose of refunding or funding the principal or interest of any bonds then outstanding which were issued by or on behalf of such school district. Except as otherwise provided in this Article, such refunding and funding bonds shall be issued in accordance with the provisions of the Local Government Bond Act, relating to the issuance of refunding and funding bonds under that act, and the provisions of the Local Government Finance Act, except in the following respects:
(1) The bonds shall be issued in the name and on behalf of the school district by the governing body of such city or town.
(2) It shall not be necessary to include in the ordinance authorizing the bonds, or in the notice required to be published after the passage of the ordinance, any statement concerning the filing of a debt statement, and, as applied to said bonds, G.S. 159-54 and G.S. 159-55 (the Local Government Bond Act,) shall be read and understood as if they contained no requirements in respect to such matters.
(3) The governing body of such city or town shall annually levy and collect a tax ad valorem upon all the taxable property in such school district sufficient to pay the principal and interest of such refunding or funding bonds as the same become due. (1955, c. 1372, art. 13, s. 4; 1981, c. 423, s. 1.)
§§ 115C-485 through 115C-489. Reserved for future codification purposes.
§ 115C-489.1, 115C-489.2: Repealed by Session Laws 1995 (Reg. Sess., 1996), c. 631, s. 14, effective 30 days after the last school administrative unit on the priority list established in 1988 by the Commission on School Facility Needs is funded.

North Carolina § 115C-484 (Issuance of bonds by cities and towns; debt statement; tax levy for repayment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.