§ 159-85. Application to Commission for approval of revenue bond issue; preliminary conference; acceptance of application. - North Carolina Statutes

§ 159‑85.  Application to Commission forapproval of revenue bond issue; preliminary conference; acceptance ofapplication.

(a)        Neither the State nor a municipality may issue revenue bondsunder this Article unless the issue is approved by the Commission. The StateTreasurer or the governing board of the issuing municipality or its dulyauthorized agent, as the case may be, shall file an application for Commissionapproval of the issue with the secretary of the Commission. If the issuingmunicipality is a regional public transportation authority, the applicationmust be accompanied by a resolution of the special tax board of that authorityapproving of the application. The application shall state such facts and haveattached to it such documents concerning the proposed revenue bonds and thefinancial condition of the State or the issuing municipality, as the case maybe, and its utilities and enterprises as the secretary may require. TheCommission may prescribe the form of the application.

(b)        Before he accepts the application, the secretary may require(i) in the case of the State, the State Treasurer or (ii) in the case of amunicipality, the governing board or its representatives to attend apreliminary conference at which time the secretary and his deputies mayinformally discuss the proposed issue and the timing of the steps taken inissuing the bonds.

(c)        After an application in proper form and order has beenfiled, and after a preliminary conference if one is required, the secretaryshall notify the State Treasurer or the municipality, as the case may be, inwriting that the application has been filed and accepted for submission to theCommission. The secretary's statement shall be conclusive evidence that theState or the municipality, as the case may be, has complied with this section.

(d)        Repealed by Session Laws 2001‑474, s. 39. (Ex. Sess. 1938, c. 2, s. 9; 1949, c. 1081; 1967, c. 555; 1969, c. 688,s. 2; 1971, c. 780, s. 1; 1973, c. 494, s. 18; 1983, c. 554, s. 6; 1989, c.168, s. 41; c. 740, s. 6; 2001‑474, s. 39.)