§ 156-101. Refunding bonds issued. - North Carolina Statutes

§ 156‑101. Refunding bonds issued.

In any case where the board of drainage commissioners of any drainagedistrict have issued or may issue bonds for the purpose of constructing orcompleting the drainage works in such district, the payment of which at maturitywould in the judgment of the board of drainage commissioners be an unreasonableburden on the owners of the lands in such district assessed for the payment ofsuch bonds and interest, or if it shall appear for other good and substantialreasons that the welfare of the district and the owners of lands therein wouldbe promoted thereby, the board of drainage commissioners shall have the powerto refund such bonds, or any part thereof, and issue new bonds equal to theamount of bonds outstanding and unpaid, or any part thereof. The new orrefunding bonds shall bear a rate of interest not exceeding six percent (6%)payable semiannually, and shall be divided into such annual installments notexceeding ten percent (10%) and not less than five percent (5%) of theoutstanding bonds so refunded. The new assessments shall be levied andcollected with which to pay the principal and interest on the bonds in themanner provided by law. The first installment of principal on the bonds sorefunded may be made payable at a certain date in the future not exceeding sixyears from the date of the refunding bonds, and in the meantime annualassessments shall be levied and collected for the payment of the interest. (1917, c. 152, s. 14; C.S., s. 5358.)