§ 159-54. The bond order. - North Carolina Statutes

§ 159‑54.  The bondorder.

After or at the same time the application is filed and accepted forsubmission to the Commission, a bond order shall be introduced before thegoverning board of the issuing unit. The bond order shall state:

(1)        Briefly and generally and without specification of locationor material of construction, the purpose for which the bonds are to be issued,but not more than one purpose may be stated. For funding or refunding bonds abrief description of the debt, judgment, or obligation to be funded or refundedshall be sufficient.

(2)        The maximum aggregate principal amount of the bonds.

(3)        That taxes will be levied in an amount sufficient to paythe  principal and interest of the bonds.

(4)        The extent, if any, to which utility or enterprise revenuesare, or may be, pledged to payment of interest on and principal of the bondspursuant to G.S. 159‑47.

(5)        That a sworn statement of debt has been filed with theclerk  and is open to public inspection.

(6)        If the bonds are to be approved by the voters, that thebond  order will take effect when approved by the voters.

(7)        If the bonds are issued pursuant to G.S. 159‑48(a)(1),(2), (3), or (5), that the bond order will take effect upon its adoption. Ifthe bonds are to be issued pursuant to G.S. 159‑48(a)(4), (6), or (7) orG.S. 159‑48(b), (c), or (d) and are not to be submitted to the voters,that the bond order will take effect 30 days after its publication followingadoption, unless it is petitioned to a vote of the people as provided in G.S. 159‑60,and that in that event the order will take effect when approved by the voters.

When the bond order is introduced, the board shall fix the time andplace for a public hearing thereon. (1917, c. 138, s. 17; 1919, c. 178, s. 3(17); c. 285, s. 2; C.S., s.2938; 1921, c. 8, s. 1; Ex. Sess. 1921, c. 106, s. 1; 1927, c. 81, s. 9; 1931,c. 60, ss. 49, 55; 1933, c. 259, ss. 1, 2; 1935, c. 302, ss. 1, 2; 1949, c.497, ss. 1, 3; 1957, c. 856, s. 2; 1971, c. 780, s. 1; 1973, c. 494, s. 6.)