§ 115C-483. Funding and refunding of bonds authorized; issuance and sale or exchange; tax levy for repayment. - North Carolina Statutes

§ 115C‑483. Funding and refunding of bonds authorized; issuance and sale or exchange; taxlevy for repayment.

The board of commissioners of the county in which any such schooldistrict is located is hereby authorized to issue bonds at one time or from timeto time for the purpose of refunding or funding the  principal or interest ofany bonds of such school district then outstanding. Such refunding or fundingbonds shall be issued in the name of the school district and they may be soldor delivered in exchange for or upon the extinguishment of the obligations orindebtedness refunded or funded. Except as otherwise provided in this Article,such refunding and funding bonds shall be issued in accordance with theprovisions of Chapter 159 of the General Statutes, the Local Government FinanceAct. The tax‑levying body or bodies authorized by law to levy taxes forthe payment of the bonds, the principal or interest of which shall be refundedor funded, shall levy annually a special tax on all taxable property in suchschool district sufficient to pay the principal and interest of said refundingor funding bonds as the same become due. (1955, c. 1372, art. 13, s. 3; 1981, c. 423, s. 1.)