§ 159-122. Maturities of bonds. - North Carolina Statutes

§ 159‑122.  Maturities of bonds.

(a)        (For effective date, seenote) Except as provided in this subsection, the last installment ofeach bond issue shall mature not later than the date of expiration of theperiod of usefulness of the capital project to be financed by the bond issue,computed from the date of the bonds. The last installment of a refunding bondissue issued pursuant to G.S. 159‑48(a)(4) or (5) shall mature not laterthan either (i) the shortest period, but not more than 40 years, in which the debtto be refunded can be finally paid without making it unduly burdensome on thetaxpayers of the issuing unit, as determined by the Commission, computed fromthe date of the bonds, or (ii) the end of the unexpired period of usefulness ofthe capital project financed by the debt to be refunded. The last installmentof bonds issued pursuant to G.S. 159‑48(a)(1), (2), (3), (6), or (7)shall mature not later than 10 years after the date of the bonds, as determinedby the Commission. The last installment of bonds issued pursuant to G.S. 159‑48(c)(5)shall mature not later than eight years after the date of the bonds, asdetermined by the Commission.

(a)        (For effective date, seenote) Except as provided in this subsection, the last installment ofeach bond issue shall mature not later than the date of expiration of theperiod of usefulness of the capital project to be financed by the bond issue,computed from the date of the bonds. The last installment of a refunding bondissue issued pursuant to G.S. 159‑48(a)(4) or (5) shall mature not laterthan either (i) the shortest period, but not more than 40 years, in which thedebt to be refunded can be finally paid without making it unduly burdensome onthe taxpayers of the issuing unit, as determined by the Commission, computedfrom the date of the bonds, or (ii) the end of the unexpired period ofusefulness of the capital project financed by the debt to be refunded. The lastinstallment of bonds issued pursuant to G.S. 159‑48(a)(1), (2), (3), (6),or (7) shall mature not later than 10 years after the date of the bonds, asdetermined by the Commission. The last installment of bonds issued pursuant toG.S. 159‑48(c)(5) shall mature not later than eight years after the dateof the bonds, as determined by the Commission. The last installment of projectdevelopment financing debt instruments shall mature on the earlier of 30 yearsafter the effective date of the development financing district for which theinstruments are issued or the longest of the various maximum periods ofusefulness for the projects to be financed with debt instrument proceeds, asprescribed by the Commission pursuant to this section.

(b)        The Commission shall by regulation establish the maximumperiod of usefulness of the capital projects for which units of localgovernment may issue bonds, but no capital project may be assigned a period ofusefulness in excess of 40 years.

(c)        The determination of the Commission as to the classificationof the capital projects for which a particular bond issue is authorized, andthe Commission's determination of the maximum period of usefulness of theproject, as evidenced by the secretary's certificate, shall be conclusive inany action or proceeding involving the validity of the bonds. (1917, c. 138, s. 18; 1919, c. 178, s. 3(18); C.S., s. 2942; 1921, c.8, s. 1; Ex. Sess. 1921, c. 106, s. 1; 1927, c. 81, s. 11; 1929, c. 170; c.171, s. 2; 1931, c. 60, ss. 50, 56; cc. 188, 301; 1933, c. 259, ss. 1, 2; 1953,c. 1065, s. 1; 1957, c. 266, s. 2; 1967, c. 987, s. 3; c. 1001, s. 2; c. 1086,ss. 1, 2, 4, 5; 1969, cc. 475, 834; 1971, c. 780, s. 1; 1973, c. 494, s. 23;1981 (Reg. Sess., 1982), c. 1276, s. 4; 2003‑403, s. 7.)