§ 160A-617. Bonds and notes authorized. - North Carolina Statutes

§ 160A‑617.  Bondsand notes authorized.

In addition to the powers granted by this Article, the Authority mayissue bonds and notes pursuant to the provisions of the Local Government BondAct and the Local Government Revenue Bond Act for the purpose of financingpublic transportation systems or any part thereof and to refund such bonds andnotes, whether or not in advance of their maturity or earliest redemptiondate.  Any bond order must be approved by resolution adopted by the special taxboard of the Authority and in the case of a bond order under the LocalGovernment Bond Act also by the board of county commissioners of each countyorganizing the authority.  To pay any bond or note issued under the LocalGovernment Bond Act, the Authority may not pledge the levy of any ad valoremtax, but only a tax or taxes it is authorized to levy. (1989, c. 740, s. 1; 1989 (Reg. Sess., 1990), c. 1024,s. 41; 1991, c. 666, s. 5.)