§ 159-88. Adoption of revenue bond order. - North Carolina Statutes

§ 159‑88.  Adoption of revenue bond order.

(a)        At any time after the Commission approves an application forthe issuance of revenue bonds, (i) in the case of the State, the Council ofState and (ii) in the case of a municipality, the governing board of themunicipality may adopt a revenue bond order pursuant to this Article.

(b)        Notwithstanding the provisions of any city charter, generallaw, or local act, a revenue bond order may be introduced at any regular orspecial meeting of the governing board of a municipality and adopted at such ameeting by a simple majority of those present and voting, a quorum beingpresent, and need not be published or subjected to any procedural requirementsgoverning the adoption of ordinances or resolutions by the governing boardother than the procedures set out in this Article. Revenue bond orders are notsubject to the provisions of any city charter or legal act concerninginitiative or referendum.

(c)        Notwithstanding any other provision of this Article, no bondorder authorizing the issuance of revenue bonds of the State shall be adoptedby the Council of State until such time as the General Assembly shall haveenacted legislation authorizing the undertaking of the revenue bond project tobe financed and fixing the maximum aggregate principal amount of revenue bondsthat shall be issued for such purpose, and such legislation shall have takeneffect.

(d)        Repealed by Session Laws 2001‑474, s. 39. (1971, c. 780, s. 1; 1973, c. 494, s. 19; 1983, c. 554, s. 9; 1989, c.168, s. 42; 2001‑474, s. 39.)