§ 159I-10. Eligible applicant. - North Carolina Statutes

§ 159I‑10. Eligible applicant.

(a)        In determining the eligibility of a unit of local governmentfor financing a project with a loan from the Agency, the Agency may consider:

(1)        The type and useful life of and the need for the project tobe financed or refinanced;

(2)        The amount of financing or the cost of the project sought;

(3)        The credit rating, if any, of the unit of local government;

(4)        The future financing and capital needs of the unit of localgovernment;

(5)        The availability and cost to the unit of local government ofother methods of financing;

(6)        The construction, disbursement, and management procedures ineffect in the unit of local government; and

(7)        Such other factors as the Agency may, in its discretion,determine to be relevant in the providing of such financing.

(b)        As a condition of determining eligibility for participatingin one or more financing programs, the Agency may establish:

(1)        Procedures requiring compliance by units of local governmentwith such construction, disbursement and accounting procedures, and programs asthe Agency may determine;

(2)        Minimum credit ratings or criteria;

(3)        Minimum and maximum amounts with respect to the cost of theprojects to be financed under this Chapter;

(4)        Procedures that may be employed by the Agency in respect ofunits of local government that default in their obligations under loanagreements; and

(5)        Such other procedures, conditions, and requirements as theAgency determines to be necessary or desirable in establishing its programs.

Nothing in this Chapter shall be deemed to restrict or limit the powersotherwise available to a unit of local government except to the extentrestricted by the terms of any loan agreements or other agreements between aunit and the Agency, to obtain financing or refinancing for projects from asource other than the Agency or to establish or continue its own financingprogram or to enter into any other financing program.

(c)        A unit of local government is not eligible to finance aproject with a loan from the Agency unless the unit holds a public hearing onthe issue of obtaining a loan from the Agency before it applies for the loan. The unit must publish notice of the hearing in a newspaper that is qualifiedfor legal advertising in the unit at least ten days before the date fixed forthe hearing. (1989, c. 756, s.1.)