§ 159-46. Faith and credit pledged. - North Carolina Statutes

§ 159‑46.  Faithand credit pledged.

The faith and credit of the issuing unit are hereby pledged for thepayment of the principal of and interest on all bonds issued under this Articleand debt instruments secured by a pledge of its faith and credit in accordancewith the limitations and procedures prescribed in Chapter 159G of the GeneralStatutes according to their terms, and the power and obligation of the issuingunit to levy taxes and raise other revenues for the prompt payment ofinstallments of principal and interest or for the maintenance of sinking fundsshall be unrestricted as to rate or amount, notwithstanding any otherprovisions of law whether general, special, local, or private. (1971, c. 780, s. 1; 1987, c. 796, s. 2(2).)