§ 153A-210.4. (Expires July 1, 2013) Financing a project for which an assessment is imposed. - North Carolina Statutes

§ 153A‑210.4.  (ExpiresJuly 1, 2013) Financing a project for which an assessment is imposed.

(a)        Financing Sources.– A board of commissioners may provide for the payment of the cost of a projectfor which an assessment may be imposed under this Article from one or more ofthe financing sources listed in this subsection. The assessment resolution mustinclude the estimated cost of the project and the amount of the cost to bederived from each respective financing source.

(1)        Revenue bonds issuedunder G.S. 153A‑210.6.

(2)        Project developmentfinancing debt instruments issued under the North Carolina Project DevelopmentFinancing Act, Article 6 of Chapter 159 of the General Statutes.

(3)        General obligationbonds issued under the Local Government Bond Act, Article 4 of Chapter 159 ofthe General Statutes.

(4)        General revenues.

(b)        AssessmentsPledged. – An assessment imposed under this Article may be pledged to securerevenue bonds under G.S. 153A‑210.6 or as additional security for aproject development financing debt instrument under G.S. 159‑111. If anassessment imposed under this Article is pledged to secure financing, the boardof commissioners must covenant to enforce the payment of the assessments.  (2008‑165, s. 2; 2009‑525,s. 1(b).)