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S.L. 2004-170 Session Laws - 2004
654
Local governmental units are hereby authorized to issue capital appreciation bonds
pursuant to the provisions of The Local Government Bond Act and to the extent that the
provisions of said act are inconsistent with the issuance of such bonds, such inconsistent
provisions are hereby amended to the extent of such inconsistency so as to permit the
issuance of such bonds.
"§ 159-100. Issuance of capital appreciation bonds pursuant to The State and
Local Government Revenue Bond Act.Authorization.
(a) Revenue Bond Act. – The State and local governmental units are hereby
authorized to issue capital appreciation bonds pursuant to the provisions of The State
and Local Government Revenue Bond Act and to the extent that the provisions of said
act are inconsistent with the issuance of such bonds, such inconsistent provisions are
hereby amended to the extent of such inconsistency so as to permit the issuance of such
bonds.Act.
(b) Local Government Bond Act. – Local governmental units are authorized to
issue capital appreciation bonds pursuant to the provisions of The Local Government
Bond Act. In connection with the issuance of a series of bonds containing capital
appreciation bonds issued by local governmental units pursuant to The Local
Government Bond Act, the Local Government Commission is hereby authorized to may
require that annual debt service on such the series of bonds be as nearly level or equal as
possible taking into consideration prevailing financial techniques, including, without
limitation, the postponement of principal maturities in early years of the issue and the
use of capitalized interest. The Local Government Commission is hereby further
authorized to may also limit the amount of a series of bonds that may be issued as
capital appreciation bonds and to make the issuance of any such capital appreciation
bonds subject to a finding by the Commission or the issuer that the issuance of such the
bonds will not increase the aggregate amount of debt service payable on such the series
of bonds of which such the capital appreciation bonds constitute a part.
(c) Future Acts. – The State and local Local governmental units are hereby
authorized to issue capital appreciation bonds pursuant to the provisions of any law
enacted in the future.hereafter enacted, including laws enacted at the same session of the
General Assembly at which this act is enacted, and to the extent that the provisions of
such laws are inconsistent with the issuance of such bonds and provided such provisions
are not expressly contrary, such inconsistent provisions are hereby amended to the
extent of such inconsistency so as to permit the issuance of such bonds."
SECTION 41.(a) Sections 2, 4, and 5 of Chapter 650 of the 1987
Session Laws are codified as G.S. 142-15.3.
SECTION 41.(b) G.S. 142-15.3, as codified by this section, reads as
rewritten:
"§ 142-15.3. Capital appreciation bonds.
(a) Cross-Reference. – The provisions of G.S. 159-99 govern capital appreciation
bonds.
(b) Authorization. – The State and local governmental units are herebyis
authorized to issue capital appreciation bonds pursuant to the provisions of The State
and Local Government Revenue Bond Act and to the extent that the provisions of said
act are inconsistent with the issuance of such bonds, such inconsistent provisions are
hereby amended to the extent of such inconsistency so as to permit the issuance of such
bonds.Act. The State is hereby authorized to issue capital appreciation bonds pursuant
to the provisions of applicable law and law and to the extent that the provisions of such
law are inconsistent with the issuance of such bonds, such inconsistent provisions are
Object Description
Description
| Title | Page 664 |
| Full Text | S.L. 2004-170 Session Laws - 2004 654 Local governmental units are hereby authorized to issue capital appreciation bonds pursuant to the provisions of The Local Government Bond Act and to the extent that the provisions of said act are inconsistent with the issuance of such bonds, such inconsistent provisions are hereby amended to the extent of such inconsistency so as to permit the issuance of such bonds. "§ 159-100. Issuance of capital appreciation bonds pursuant to The State and Local Government Revenue Bond Act.Authorization. (a) Revenue Bond Act. – The State and local governmental units are hereby authorized to issue capital appreciation bonds pursuant to the provisions of The State and Local Government Revenue Bond Act and to the extent that the provisions of said act are inconsistent with the issuance of such bonds, such inconsistent provisions are hereby amended to the extent of such inconsistency so as to permit the issuance of such bonds.Act. (b) Local Government Bond Act. – Local governmental units are authorized to issue capital appreciation bonds pursuant to the provisions of The Local Government Bond Act. In connection with the issuance of a series of bonds containing capital appreciation bonds issued by local governmental units pursuant to The Local Government Bond Act, the Local Government Commission is hereby authorized to may require that annual debt service on such the series of bonds be as nearly level or equal as possible taking into consideration prevailing financial techniques, including, without limitation, the postponement of principal maturities in early years of the issue and the use of capitalized interest. The Local Government Commission is hereby further authorized to may also limit the amount of a series of bonds that may be issued as capital appreciation bonds and to make the issuance of any such capital appreciation bonds subject to a finding by the Commission or the issuer that the issuance of such the bonds will not increase the aggregate amount of debt service payable on such the series of bonds of which such the capital appreciation bonds constitute a part. (c) Future Acts. – The State and local Local governmental units are hereby authorized to issue capital appreciation bonds pursuant to the provisions of any law enacted in the future.hereafter enacted, including laws enacted at the same session of the General Assembly at which this act is enacted, and to the extent that the provisions of such laws are inconsistent with the issuance of such bonds and provided such provisions are not expressly contrary, such inconsistent provisions are hereby amended to the extent of such inconsistency so as to permit the issuance of such bonds." SECTION 41.(a) Sections 2, 4, and 5 of Chapter 650 of the 1987 Session Laws are codified as G.S. 142-15.3. SECTION 41.(b) G.S. 142-15.3, as codified by this section, reads as rewritten: "§ 142-15.3. Capital appreciation bonds. (a) Cross-Reference. – The provisions of G.S. 159-99 govern capital appreciation bonds. (b) Authorization. – The State and local governmental units are herebyis authorized to issue capital appreciation bonds pursuant to the provisions of The State and Local Government Revenue Bond Act and to the extent that the provisions of said act are inconsistent with the issuance of such bonds, such inconsistent provisions are hereby amended to the extent of such inconsistency so as to permit the issuance of such bonds.Act. The State is hereby authorized to issue capital appreciation bonds pursuant to the provisions of applicable law and law and to the extent that the provisions of such law are inconsistent with the issuance of such bonds, such inconsistent provisions are |
