North Carolina Administrative Code
Title 20 - STATE TREASURER
Chapter 03 - LOCAL GOVERNMENT COMMISSION
Section .0200 - APPROVAL OF DEBT OBLIGATIONS
Section 03 .0202 - APPROVAL OF GENERAL OBLIGATION BONDS

Universal Citation: 20 NC Admin Code 03 .0202

Current through Register Vol. 39, No. 6, September 16, 2024

(a) The Secretary may require the governing body and other policy-making officials of the governmental unit to attend a preliminary conference to consider the proposed bond issue. The agenda of a preliminary conference, if held, may include:

(1) discussion of the proposed uses for the proceeds of the bond issue,

(2) discussion of the legality or appropriateness of the bond issue,

(3) discussion of the adequacy of the accounting and internal control systems of the governmental unit,

(4) discussion of the application procedure and the documents required,

(5) discussion of such other matters as the Secretary deems appropriate.

(b) The governing body of the governmental unit shall adopt and file with the Commission a resolution authorizing filing of the application to the Commission for the proposed bond issue and making necessary findings therefor.

(c) The governmental unit shall submit to the commission as a part of the application for approval all documents requested by the Secretary.

(d) After all documents relating to the application and required by the Secretary are received, the Secretary may accept the application.

(e) At any time after the acceptance of the application, the application may be considered by the Commission together with all applicable data available to the Commission. The Commission shall use the factors set forth in G.S. 159-52 and any other factors which in its opinion are applicable to the circumstances under consideration.

(f) The amount of approval shall be considered the maximum amount of bonds to be issued.

(g) If the unit requests a public hearing under G.S. 159-52(b), the hearing shall be heard pursuant to 20 NCAC 03 .0105.

Authority G.S. 159-3(f);
Eff. February 1, 1976;
Readopted Eff. September 23, 1977;
Amended Eff. April 1, 1985;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. January 9, 2018.

Disclaimer: These regulations may not be the most recent version. North Carolina may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.