North Carolina § 159-43 - Short title; legislative intent.

§ 159-43. Short title; legislative intent.

This Article may be cited as "The Local Government Bond Act." 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 units of local government in North Carolina of the power to borrow money secured by a pledge of the taxing power. 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the issuance of bonds or notes secured by a pledge of the taxing power or prescribing procedures therefor are repealed.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. History (1971, c. 780, s. 1; 1973, c. 494, s. 2.) Cross References. - As to the Local Government Fiscal Information Act, see G.S. 120-30.41 et seq. As to issuance of capital appreciation bonds pursuant to The Local Government Bond Act, see G.S. 159-99 et seq. Editor's Note. - Session Laws 1987 (Reg. Sess., 1988), c. 882, s. 6 and Session Laws 1989, c. 90, provided that all actions and proceedings heretofore taken by units of local government relating to the authorization of general obligation refunding bonds, secured by a pledge of the taxing power and issued pursuant to the Local Government Bond Act, and revenue refunding bonds, secured by a pledge of revenues and issued pursuant to The State and Local Government Revenue Bond Act, and the sale and delivery of all such bonds pursuant to Article 7, as amended, of Chapter 159 of the General Statutes of North Carolina, in order to provide funds to purchase, at a discount, bonds of such units owned by the Farmers Home Administration, including without limitation, the introduction and adoption of bond orders, the holding of public hearings with respect to such bond orders, the passage of resolutions providing for the issuance and the sale, both public and private, of such refunding bonds, and the delivery of any such refunding bonds were in all respects approved, ratified, validated, and confirmed. Legal Periodicals. - For symposium on municipal finance, see 1976 Duke L.J. 1051 (1976).