North Carolina General Statutes 159-49. When a vote of the people is required
Bonds may be issued under this Article only if approved by a vote of the qualified voters of the issuing unit as provided in this Article, except that voter approval shall not be required for:
(1) Bonds issued for any purpose authorized by N.C. Gen. Stat. § 159-48(a)(1), (2), (3), or (5).
Terms Used In North Carolina General Statutes 159-49
- City: includes towns and incorporated villages. See North Carolina General Statutes 159-1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(2) Bonds issued by a county, county water and sewer district created under Article 6 of Chapter 162A of the N.C. Gen. Stat., metropolitan water district created under Article 4 of Chapter 162A of the N.C. Gen. Stat., or city for any purpose authorized by N.C. Gen. Stat. § 159-48(a)(4), (6), or (7) or N.C. Gen. Stat. § 159-48(b), (c), (d), or (e) (except purposes authorized by N.C. Gen. Stat. § 159-48(b)(3), (11), (16), (22), or (23) or by N.C. Gen. Stat. § 159-48(d)(2)) in an aggregate principal sum not exceeding two thirds of the amount by which the outstanding indebtedness of the issuing county, county water and sewer district, metropolitan water district, or city has been reduced during the next preceding fiscal year.
Pursuant to Article V, Sec. 4(2) of the Constitution, the General Assembly hereby declares that the purposes authorized by N.C. Gen. Stat. § 159-48(a)(4), (6), and (7) and by N.C. Gen. Stat. § 159-48(b), (c), (d), and (e) (except purposes authorized by N.C. Gen. Stat. § 159-48(b)(3), (11), (16), (22), or (23) or by N.C. Gen. Stat. § 159-48(d)(2)) are purposes for which bonds may be issued without a vote of the people, to the extent of two thirds of the amount by which the outstanding indebtedness of the issuing county, county water and sewer district, metropolitan water district, or city was reduced in the last preceding fiscal year. (1971, c. 780, s. 1; 1973, c. 494, s. 5; 1977, c. 402, s. 3; 1989, c. 470.)