§ 159-45. All general obligation bonds subject to Local Government Bond Act. - North Carolina Statutes

§ 159‑45.  Allgeneral obligation bonds subject to Local Government Bond Act.

No unit of local government in this State shall have authority to enterinto any contract or agreement, whether oral or written, whereby it borrowsmoney and makes an express or implied pledge of its power to levy taxes assecurity for repayment of the loan, except by the issuance of its bonds inaccordance with the limitations and procedures prescribed in this Article or bythe issuance of its negotiable notes in accordance with the limitations andprocedures prescribed in Article 9 of this Chapter or by the issuance of debtinstruments in accordance with the limitations and procedures prescribed inChapter 159G of the General Statutes. (1971, c. 780, s. 1; 1987, c. 796, s. 2(1).)