§ 105-554. Use of tax proceeds. - North Carolina Statutes

§105‑554.  Use of tax proceeds.

An Authority that levies a taxunder this Article may use the proceeds of the tax for any purpose for whichthe Authority is authorized to use funds. An Authority shall use the taxproceeds to supplement and not to supplant or replace existing funds or otherresources for public transportation systems. Authorized purposes for which anAuthority may use funds include the following:

(1)        Pledging funds inconnection with the financing of a public transportation system or any part ofa public transportation system.

(2)        Paying a note, bond,or other obligation entered into by the Authority pursuant to Article 26 orArticle 27 of Chapter 160A of the General Statutes. (1997‑417, s. 3.)