North Carolina Administrative Code
Title 20 - STATE TREASURER
Chapter 03 - LOCAL GOVERNMENT COMMISSION
Section .0200 - APPROVAL OF DEBT OBLIGATIONS
Section 03 .0206 - APPROVAL OF REVENUE ANTICIPATION NOTES

Universal Citation: 20 NC Admin Code 03 .0206

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

(a) If a governmental unit wishes to apply for approval of revenue anticipation notes, the officials of the unit shall arrange a conference with the staff of the Commission. The Secretary may waive the requirement for a preliminary conference.

(b) At the preliminary conference, the following matters may be discussed:

(1) the need for the proposed notes,

(2) the feasibility of selling the proposed notes,

(3) the adequacy of the unit's accounting system and internal control,

(4) any other matters relating to the unit or the proposed notes,

(5) the procedures for application for approval of the proposed notes.

(c) The Secretary shall establish procedures for the application with due regard to the requirements of the law, of bond counsel and of the matters discussed in the preliminary conference.

(d) The Commission may consider the following factors:

(1) the necessity and expediency for issuance of the notes,

(2) the purpose for which the proceeds of the notes will be used,

(3) the reasonableness and adequacy of the budget,

(4) the ability of the unit to appropriate funds to pay for costs and interest due on the proposed notes,

(5) the availability of alternative internal sources of funds,

(6) the adequacy of the unit's accounting system and internal control,

(7) any other information the Commission considers applicable in the circumstances.

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.