North Carolina General Statutes 159-86. Approval of application by Commission
(a) In determining whether a proposed revenue bond issue shall be approved, the Commission may consider:
(1) Whether the project to be financed from the proceeds of the revenue bond issue is necessary or expedient.
Terms Used In North Carolina General Statutes 159-86
- Commission: means the Local Government Commission. See North Carolina General Statutes 159-1
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Municipality: means a county, city, town, incorporated village, sanitary district, metropolitan sewerage district, metropolitan water district, metropolitan water and sewerage district, county water and sewer district, water and sewer authority, hospital authority, hospital district, parking authority, special airport district, special district created under Article 43 of Chapter 105 of the N. See North Carolina General Statutes 159-81
- Revenue bond: means a bond issued by the State of North Carolina or a municipality pursuant to this Article. See North Carolina General Statutes 159-81
- Revenues: include all moneys received by the State or a municipality from, in connection with, or as a result of its ownership or operation of a revenue bond project or a utility or public service enterprise facility or system of which a revenue bond project is a part, including (to the extent deemed advisable by the State or a municipality) moneys received from the United States of America, the State of North Carolina, or any agency of either, pursuant to an agreement with the State or a municipality, as the case may be, pertaining to the project. See North Carolina General Statutes 159-81
- 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
(2) Whether the proposed project is feasible.
(3) The State‘s or the municipality‘s, as the case may be, debt management procedures and policies.
(4) Whether the State or the municipality, as the case may be, is in default in any of its debt service obligations.
(5) Whether the probable net revenues of the project to be financed will be sufficient to service the proposed revenue bonds.
(6) The ability of the Commission to market the proposed revenue bonds at reasonable rates of interest.
The Commission may inquire into and give consideration to any other matters that it may believe to have a bearing on whether the issue should be approved.
(b) The Commission shall approve the application if, upon the information and evidence it receives, it finds and determines:
(1) That the proposed revenue bond issue is necessary or expedient.
(2) That the amount proposed is adequate and not excessive for the proposed purpose of the issue.
(3) That the proposed project is feasible.
(4) That the State’s or the municipality’s, as the case may be, debt management procedures and policies are good, or that reasonable assurances have been given that its debt will henceforth be managed in strict compliance with law.
(5) That the proposed revenue bonds can be marketed at reasonable interest cost to the State or the municipality, as the case may be. (1971, c. 780, s. 1; 1983, c. 554, ss. 7, 8.)