§ 159-161. Bond anticipation notes. - North Carolina Statutes

§ 159‑161.  Bondanticipation notes.

At any time after a bond order has taken effect and with the approvalof the Commission, the issuing unit may borrow money for the purposes for whichthe bonds are to be issued, in anticipation of the receipt of the proceeds ofthe sale of the bonds, and within the maximum authorized amount of the bondissue. General obligation bond anticipation notes shall be payable not laterthan seven years after the time the bond order takes effect and shall not berenewed or extended beyond such time, except that, if the issuance of bondsunder the bond order is extended by an order of the board of the issuing unitwhich takes effect pursuant to G.S. 159‑64, the bond anticipation notesmay be renewed and extended and shall be payable not later than 10 years afterthe time the bond order takes effect and that, if the issuance of bonds underthe bond order is prevented or prohibited by any order of any court, the bondanticipation notes may be renewed or extended by the length of time elapsingbetween the date of institution of the action or proceeding and the date of itsfinal disposition. Any extension of the time for issuing bonds under a bondorder granted by act of the General Assembly pursuant to G.S. 159‑64shall also extend the time for issuing and paying notes under this section forthe same period of time. (1917, c. 138, ss. 13, 14; 1919, c. 178, s. 3(13), (14); C.S., ss.2934, 2935; 1921, c. 8, s. 1; Ex. Sess. 1921, c. 106, s. 1; 1927, c. 81, s. 39;1931, c. 293; 1939, c. 231, s. 1; 1953, c. 693, ss. 2, 4; 1969, c. 687, s. 3;1971, c. 780, s. 1; 1973, c. 494, s. 33; 1977, c. 404, s. 1; 1979, c. 444, s.2.)