North Carolina General Statutes 159-45. All general obligation bonds subject to Local Government Bond Act
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Terms Used In North Carolina General Statutes 159-45
- Contract: A legal written agreement that becomes binding when signed.
- local government: means counties; cities, towns, and incorporated villages; consolidated city-counties, as defined by N. See North Carolina General Statutes 159-44
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
No unit of local government in this State shall have authority to enter into any contract or agreement, whether oral or written, whereby it borrows money and makes an express or implied pledge of its power to levy taxes as security for repayment of the loan, except by the issuance of its bonds in accordance with the limitations and procedures prescribed in this Article or by the issuance of its negotiable notes in accordance with the limitations and procedures prescribed in Article 9 of this Chapter or by the issuance of debt instruments in accordance with the limitations and procedures prescribed in Chapter 159G of the N.C. Gen. Stat.. (1971, c. 780, s. 1; 1987, c. 796, s. 2(1).)