§ 159-100. Authorization. - North Carolina Statutes

§ 159‑100. Authorization.

(a)        Revenue Bond Act. –The State and local governmental units are authorized to issue capitalappreciation bonds pursuant to the provisions of The State and Local GovernmentRevenue Bond Act.

(b)        Local GovernmentBond Act. – Local governmental units are authorized to issue capitalappreciation bonds pursuant to the provisions of The Local Government Bond Act.In connection with the issuance of a series of bonds containing capitalappreciation bonds issued by local governmental units pursuant to The LocalGovernment Bond Act, the Local Government Commission may require that annualdebt service on the series of bonds be as nearly level or equal as possibletaking into consideration prevailing financial techniques, including, withoutlimitation, the postponement of principal maturities in early years of theissue and the use of capitalized interest. The Local Government Commission mayalso limit the amount of a series of bonds that may be issued as capitalappreciation bonds and to make the issuance of any capital appreciation bondssubject to a finding by the Commission or the issuer that the issuance of thebonds will not increase the aggregate amount of debt service payable on theseries of bonds of which the capital appreciation bonds constitute a part.

(c)        Future Acts. –Local governmental units are authorized to issue capital appreciation bondspursuant to the provisions of any law enacted in the future. (1987, c. 650; 2004‑170,ss. 40(b), 40(c).)