§ 159-43. Short title; legislative intent. - North Carolina Statutes

SUBCHAPTER IV. LONG‑TERMFINANCING.

Article 4.

Local Government Bond Act.

Part1. Operation of Article.

§ 159‑43.  Short title; legislative intent.

(a)        This Article may be cited as "The Local Government BondAct."

(b)        It is the intent of the General Assembly by enactment ofthis Article to prescribe a uniform system of limitations upon and proceduresfor the exercise by all units of local government in North Carolina of thepower to borrow money secured by a pledge of the taxing power. To this end, allprovisions of special, local, or private acts in effect as of July 1, 1973,authorizing the issuance of bonds or notes secured by a pledge of the taxingpower or prescribing procedures therefor are repealed. No special, local, orprivate act enacted or taking effect after July 1, 1973, may be construed tomodify, amend, or repeal any portion of this Article unless it expressly soprovides by specific reference to the appropriate section of this Article. (1971, c. 780, s. 1; 1973, c. 494, s. 2.)