§ 159-68. Certain provisions not applicable to refunding bonds. - North Carolina Statutes

§ 159‑68.  Certain provisions not applicable torefunding bonds.

The provisions of G.S. 159‑56 and the provisions of this Articlerelated to the holding of a public hearing prior to the adoption of the bondorder do not apply to refunding bonds issued by a unit of local government solong as the refunding bonds do not extend the final maturity of the debt orobligation to be refunded and so long as the aggregate debt service over thelife of the refunding bonds is less than the aggregate debt service on the debtor obligation to be refunded. When the conditions of this section aresatisfied, a unit of local government may introduce a bond order, adopt a bondorder, and adopt a sale resolution with respect to refunding bonds in one ormore meetings of the unit's governing body. (2005‑238, s. 3.)