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NORTH CAROLINA STATUTES AND CODES
§ 159-104. Application to Commission for approval of project development financing debt instrument issue; preliminary conference; acceptance of application.
§ 159‑104. Applicationto Commission for approval of project development financing debt instrumentissue; preliminary conference; acceptance of application.
A unit of local government maynot issue project development financing debt instruments under this Articleunless the issue is approved by the Local Government Commission. The governingbody of the issuing unit shall file with the secretary of the Commission anapplication for Commission approval of the issue. At the time of application,the governing body shall publish a public notice of the application in anewspaper of general circulation in the unit of local government. Theapplication shall include any statements of facts and documents concerning theproposed debt instruments, development financing district, and developmentfinancing plan, and the financial condition of the unit, required by thesecretary. The Commission may prescribe the form of the application.
Before accepting theapplication, the secretary may require the governing body or its representativesto attend a preliminary conference in order to discuss informally the proposedissue, district, and plan and the timing of the steps to be taken in issuingthe debt instruments. The development financing plan need not be adopted by thegoverning body at the time it files the application with the secretary.However, before the Commission may enter its order approving the debtinstruments, the governing body must adopt the plan and make the findingsdescribed in G.S. 159‑105(b)(1) and (5).
After an application in properform and order has been filed, and after a preliminary conference if one isrequired, the secretary shall notify the unit in writing that the applicationhas been filed and accepted for submission to the Commission. The secretary'sstatement is conclusive evidence that the unit has complied with this section. (2003‑403, s. 2.)