Current through Register Vol. 39, No. 6, September 16, 2024
(a) The maximum
period of usefulness of capital projects for which units of local government
may issue bonds are as follows:
(1) 10 years
from the date of the bonds used to finance the following classes of
improvements and properties:
(A) vehicles,
including fire engines, fire trucks, hose carts, ambulances, police cars and
patrol wagons, sanitation and solid waste disposal trucks or any vehicle for
use in any department or by any official of the unit of local
government;
(B) voting
machines;
(C) fire or police alarms
and communication systems for use of any department of the unit of
government;
(D) any equipment,
machinery, apparatus, furnishings or other personal property acquired in any
manner other than incident to the construction of a new building, major
renovation of an existing building, the construction of a sanitary landfill, or
the construction or major renovation of a park or playground
facility;
(2) 20 years
from the date of the bonds used to finance the following classes of
improvements and properties:
(A) sanitary
landfills, including land, site preparation, earthmoving equipment, compactors,
and other necessary machinery;
(B)
construction and reconstruction of streets, including grading and
landscaping;
(C) construction and
reconstruction of sidewalks, curbs, gutters, including grading;
(D) bridges and culverts, including retaining
walls and approaches;
(3) 25 years from the date of the bonds used
to finance plants for incineration or disposal of solid wastes;
(4) 30 years from the date of the bonds used
to finance the following classes of improvements and properties:
(A) cable television systems,
(B) elimination of any grade-crossings or
crossings and improvements thereto,
(C) land for cemeteries or improvements
thereto;
(5) 40 years
from the date of the bonds used to finance the following classes of
improvements and properties:
(A) water
systems;
(B) sanitary sewer systems
and storm sewer systems (including drainage projects);
(C) electric power systems;
(D) gas systems;
(E) watershed improvement projects and
acquisition of land or interest in land necessary therefor;
(F) airports, including land and grading,
buildings, equipment and improvements thereto;
(G) public parks and playgrounds, including
land, site improvements, buildings, equipment, and other necessary structures
and furnishings;
(H) street
land;
(I) land and improvements
thereto for purposes not otherwise stated in this Regulation;
(J) buildings or other structures for
purposes not otherwise stated in this Regulation;
(K) groins, jetties, dikes, moles, sand
dunes, vegetation or other types of works or improvements which are designed
for the control of beach erosion or for the protection from flood and
hurricanes or for the preservation or restoration of facilities and natural
features;
(L) any improvement or
property not otherwise stated in this Regulation.
(b) Any capital project listed in
Section (a) of this Regulation shall be deemed to include any land, site
preparation, buildings or other structures, machinery, equipment, or
furnishings.
(c) In the event bonds
authorized by any one order under the provisions of
G.S.
159-48 are for improvements or properties
with different maximum periods of usefulness, the improvement or property
having the greatest period of usefulness as stated in this Regulation shall
determine the maximum period in which the bonds issued to finance the
improvement may mature.
(d) In the
event bonds authorized by two or more orders under the provisions of
G.S.
159-48 are for improvements or properties
with different maximum periods of usefulness and are consolidated into one bond
issue, the bonds issued to finance the improvement of properties shall mature
within the weighted average period of usefulness taking into consideration the
amount of bonds to be issued under each order and the maximum period of
usefulness as determined under Sections (a) and (c) of this
Regulation.
