§ 159-76. Validation of bonds and notes issued before March 26, 1931. - North Carolina Statutes

§ 159‑76. Validation of bonds and notes issued before March 26, 1931.

All bonds and notes issued before March 26, 1931, for which the issuingunit received an amount of money not less than the face amount of the bonds ornotes and the proceeds of which have been spent for public purposes, and allbonds and notes subsequently issued to refund all or any portion of those bondsor notes, are hereby validated notwithstanding any lack of statutory authorityor failure to observe any statutory provisions concerning the issuance of thebonds or notes. This section shall not validate any bonds or notes, theproceeds of which have been lost because of the failure of a bank. (1931, c. 186, s. 2; 1971, c. 780, s. 1; 1973, c. 494,s. 13.)