§ 160A-239.6. (Expires July 1, 2013) Revenue bonds. - North Carolina Statutes

§ 160A‑239.6.  (ExpiresJuly 1, 2013) Revenue bonds.

(a)        Authorization. – Acity council that imposes an assessment under this Article may issue revenuebonds under Article 5 of Chapter 159 of the General Statutes to finance theproject for which the assessment is imposed and use the proceeds of theassessment imposed as revenues pertaining to the project.

(b)        Modifications. – ThisArticle specifically modifies the authority of a city to issue revenue bondsunder Article 5 of Chapter 159 of the General Statutes by extending theauthority in that Article to include a project for which an assessment may beimposed under this Article. In applying the provisions of Article 5, thefollowing definitions apply:

(1)        Revenue bondproject. – Defined in G.S. 159‑81(3). The term includes projects forwhich an assessment is imposed under this Article.

(2)        Revenues. – Definedin G.S. 159‑81(4). The term includes assessments imposed under thisArticle to finance a project allowed under this Article.  (2008‑165, s. 3.)