§ 159-80. Short title; repeal of local acts. - North Carolina Statutes

Article5.

Revenue Bonds.

§ 159‑80.  Short title;repeal of local acts.

(a)        This Article may becited as "The State and Local Government Revenue Bond Act."

(b)        It is the intent ofthe General Assembly by enactment of this Article to prescribe a uniform systemof limitations upon and procedures for the exercise by all municipalities inNorth Carolina of the power to finance revenue bond projects through theissuance of revenue bonds and notes. To this end, all provisions of special,local, or private acts in effect as of July 1, 1973, authorizing the issuanceof bonds or notes secured solely by the revenues of the projects for which thebonds or notes are issued or prescribing procedures therefor are repealed. Nospecial, local or private act enacted or taking effect after July 1, 1973, maybe construed to modify, amend, or repeal any portion of this Article unless itexpressly so provides by specific reference to the appropriate section of thisArticle. It is further the intent of the General Assembly by enactment of thisArticle to provide an alternative and supplemental procedure for the exerciseby the State of North Carolina of the power to finance revenue bond projectsthrough the issuance of revenue bonds and notes. (1971, c. 780, s. 1; 1973, c.494, s. 14; 1983, c. 554, ss. 1, 1.1.)