North Carolina General Statutes 159-73. Financing or refinancing agreements
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Terms Used In North Carolina General Statutes 159-73
- Commission: means the Local Government Commission. See North Carolina General Statutes 159-1
- local government: means counties; cities, towns, and incorporated villages; consolidated city-counties, as defined by N. See North Carolina General Statutes 159-44
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
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.)