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North Carolina General Statutes
Chapter 159: Local Government Finance.

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Article 1 - Short Title and Definitions. [HTML] [RTF]
G.S. 159-1 159-1. Short title and definitions.[HTML] [RTF]
G.S. 159-2 159-2. Computation of time.[HTML] [RTF]
Article 2 - Local Government Commission. [HTML] [RTF]
G.S. 159-3 159-3. Local Government Commission established.[HTML] [RTF]
G.S. 159-4 159-4. Executive committee; appeal.[HTML] [RTF]
G.S. 159-5 159-5. Secretary and staff of the Commission.[HTML] [RTF]
G.S. 159-6 159-6. Fees of the Commission.[HTML] [RTF]
Article 3 - The Local Government Budget and Fiscal Control Act. [HTML] [RTF]
G.S. 159-7 159-7. Short title; definitions; local acts superseded.[HTML] [RTF]
G.S. 159-8 159-8. Annual balanced budget ordinance.[HTML] [RTF]
G.S. 159-9 159-9. Budget officer.[HTML] [RTF]
G.S. 159-10 159-10. Budget requests.[HTML] [RTF]
G.S. 159-11 159-11. Preparation and submission of budget and budget message.[HTML] [RTF]
G.S. 159-12 159-12. Filing and publication of the budget; budget hearings.[HTML] [RTF]
G.S. 159-13 159-13. The budget ordinance; form, adoption, limitations, tax levy, filing.[HTML] [RTF]
G.S. 159-13.1 159-13.1. Financial plan for intragovernmental service funds.[HTML] [RTF]
G.S. 159-13.2 159-13.2. Project ordinances.[HTML] [RTF]
G.S. 159-14 159-14. Trust and agency funds; budgets of special districts.[HTML] [RTF]
G.S. 159-15 159-15. Amendments to the budget ordinance.[HTML] [RTF]
G.S. 159-16 159-16. Interim budget.[HTML] [RTF]
G.S. 159-17 159-17. Ordinance procedures not applicable to budget or project ordinance adoption.[HTML] [RTF]
G.S. 159-17.1 159-17.1. Vending facilities.[HTML] [RTF]
G.S. 159-18 159-18. Capital reserve funds.[HTML] [RTF]
G.S. 159-19 159-19. Amendments.[HTML] [RTF]
G.S. 159-20 159-20. Funding capital reserve funds.[HTML] [RTF]
G.S. 159-21 159-21. Investment.[HTML] [RTF]
G.S. 159-22 159-22. Withdrawals.[HTML] [RTF]
G.S. 159-23 159-23. Reserved for future codification purposes.[HTML] [RTF]
G.S. 159-24 159-24. Finance officer.[HTML] [RTF]
G.S. 159-25 159-25. Duties of finance officer; dual signatures on checks; internal control procedures subject to Commission regulation.[HTML] [RTF]
G.S. 159-26 159-26. Accounting system.[HTML] [RTF]
G.S. 159-27 159-27. Distribution of tax collections among funds according to levy.[HTML] [RTF]
G.S. 159-27.1 159-27.1. Use of revenue bond project reimbursements; restrictions.[HTML] [RTF]
G.S. 159-28 159-28. Budgetary accounting for appropriations.[HTML] [RTF]
G.S. 159-28.1 159-28.1. Facsimile signatures.[HTML] [RTF]
G.S. 159-29 159-29. Fidelity bonds.[HTML] [RTF]
G.S. 159-30 159-30. Investment of idle funds.[HTML] [RTF]
G.S. 159-30.1 159-30.1. Trust for other post-employment benefits.[HTML] [RTF]
G.S. 159-30.2 159-30.2. Trust for law enforcement special separation allowance benefits.[HTML] [RTF]
G.S. 159-31 159-31. Selection of depository; deposits to be secured.[HTML] [RTF]
G.S. 159-32 159-32. Daily deposits.[HTML] [RTF]
G.S. 159-32.1 159-32.1. Electronic payment.[HTML] [RTF]
G.S. 159-33 159-33. Semiannual reports on status of deposits and investments.[HTML] [RTF]
G.S. 159-33.1 159-33.1. Semiannual reports of financial information.[HTML] [RTF]
G.S. 159-34 159-34. Annual independent audit; rules and regulations.[HTML] [RTF]
G.S. 159-35 159-35. Secretary of Local Government Commission to notify units of debt service obligations.[HTML] [RTF]
G.S. 159-36 159-36. Failure of local government to levy debt service taxes or provide for payment of debt.[HTML] [RTF]
G.S. 159-37 159-37. Reports on status of sinking funds.[HTML] [RTF]
G.S. 159-38 159-38. Local units authorized to accept their bonds in payment of certain claims and judgments.[HTML] [RTF]
G.S. 159-39 159-39. Special regulations pertaining to public hospitals.[HTML] [RTF]
G.S. 159-40 159-40. Special regulations pertaining to nonprofit corporations receiving public funds.[HTML] [RTF]
G.S. 159-41 159-41. Special regulations pertaining to joint municipal power agencies.[HTML] [RTF]
G.S. 159-42 159-42. Special regulations pertaining to public housing authorities.[HTML] [RTF]
G.S. 159-42.1 159-42.1. Establishment of nonprofit corporation by public authority authorized.[HTML] [RTF]
Article 4 - Local Government Bond Act. [HTML] [RTF]
G.S. 159-43 159-43. Short title; legislative intent.[HTML] [RTF]
G.S. 159-44 159-44. Definitions.[HTML] [RTF]
G.S. 159-45 159-45. All general obligation bonds subject to Local Government Bond Act.[HTML] [RTF]
G.S. 159-46 159-46. Faith and credit pledged.[HTML] [RTF]
G.S. 159-47 159-47. Additional security for utility or public service enterprise bonds.[HTML] [RTF]
G.S. 159-48 159-48. For what purposes bonds may be issued.[HTML] [RTF]
G.S. 159-49 159-49. When a vote of the people is required.[HTML] [RTF]
G.S. 159-50 159-50. Notice of intent to make application for issuance of voted bonds; objection by citizens and taxpayers.[HTML] [RTF]
G.S. 159-51 159-51. Application to Commission for approval of bond issue; preliminary conference; acceptance of application.[HTML] [RTF]
G.S. 159-52 159-52. Approval of application by Commission.[HTML] [RTF]
G.S. 159-53 159-53. Order approving or disapproving an application.[HTML] [RTF]
G.S. 159-54 159-54. The bond order.[HTML] [RTF]
G.S. 159-55 159-55. Sworn statement of debt; debt limitation; statement of estimated interest on the bonds.[HTML] [RTF]
G.S. 159-56 159-56. Publication of bond order as introduced.[HTML] [RTF]
G.S. 159-56.1 159-56.1. Certain proceedings ratified notwithstanding provisions of 159-56.[HTML] [RTF]
G.S. 159-57 159-57. Hearing; passage of bond order.[HTML] [RTF]
G.S. 159-58 159-58. Publication of bond order as adopted.[HTML] [RTF]
G.S. 159-59 159-59. Limitation of action to set aside order.[HTML] [RTF]
G.S. 159-60 159-60. Petition for referendum on bond issue.[HTML] [RTF]
G.S. 159-61 159-61. Bond referenda; majority required; notice of referendum; form of ballot; canvass.[HTML] [RTF]
G.S. 159-62 159-62. Limitation on actions contesting validity of bond referenda.[HTML] [RTF]
G.S. 159-63 159-63. Repeal of bond orders.[HTML] [RTF]
G.S. 159-64 159-64. Within what time bonds may be issued.[HTML] [RTF]
G.S. 159-65 159-65. Resolution fixing the details of the bonds.[HTML] [RTF]
G.S. 159-66 159-66. Validation of former proceedings and actions.[HTML] [RTF]
G.S. 159-67 159-67. Procedures if a county votes to relocate the county seat.[HTML] [RTF]
G.S. 159-68 159-68. Certain provisions not applicable to refunding bonds.[HTML] [RTF]
G.S. 159-69 159-69. Reserved for future codification purposes.[HTML] [RTF]
G.S. 159-70 159-70. Reserved for future codification purposes.[HTML] [RTF]
G.S. 159-71 159-71. Reserved for future codification purposes.[HTML] [RTF]
G.S. 159-72 159-72. Purposes for which funding and refunding bonds may be issued; when such bonds may be issued.[HTML] [RTF]
G.S. 159-73 159-73. Financing or refinancing agreements.[HTML] [RTF]
G.S. 159-74 159-74. Test cases testing validity of funding or refunding bonds.[HTML] [RTF]
G.S. 159-75 159-75. Judgment validating issue; costs of the action.[HTML] [RTF]
G.S. 159-76 159-76. Validation of bonds and notes issued before March 26, 1931.[HTML] [RTF]
G.S. 159-77 159-77. Validation of all proceedings in connection with the authorization of bonds taken before April 28, 1975.[HTML] [RTF]
G.S. 159-78 159-78. Special obligation refunding bonds.[HTML] [RTF]
G.S. 159-79 159-79. Variable rate demand bonds and notes.[HTML] [RTF]
Article 5 - Revenue Bonds. [HTML] [RTF]
G.S. 159-80 159-80. Short title; repeal of local acts.[HTML] [RTF]
G.S. 159-81 159-81. Definitions.[HTML] [RTF]
G.S. 159-82 159-82. Purpose.[HTML] [RTF]
G.S. 159-83 159-83. Powers.[HTML] [RTF]
G.S. 159-84 159-84. Authorization of revenue bonds.[HTML] [RTF]
G.S. 159-85 159-85. Application to Commission for approval of revenue bond issue; preliminary conference; acceptance of application.[HTML] [RTF]
G.S. 159-86 159-86. Approval of application by Commission.[HTML] [RTF]
G.S. 159-87 159-87. Order approving or denying the application.[HTML] [RTF]
G.S. 159-88 159-88. Adoption of revenue bond order.[HTML] [RTF]
G.S. 159-89 159-89. Special covenants.[HTML] [RTF]
G.S. 159-90 159-90. Limitations on details of bonds; additional provisions.[HTML] [RTF]
G.S. 159-91 159-91. Lien of revenue bonds.[HTML] [RTF]
G.S. 159-92 159-92. Status of revenue bonds under Uniform Commercial Code.[HTML] [RTF]
G.S. 159-93 159-93. Agreement of the State.[HTML] [RTF]
G.S. 159-94 159-94. Limited liability.[HTML] [RTF]
G.S. 159-95 159-95. Approval of State agencies.[HTML] [RTF]
G.S. 159-96 159-96. Limitation on extraterritorial operation of enterprises financed by revenue bonds.[HTML] [RTF]
G.S. 159-97 159-97. Taxes for supplementing revenue bond projects.[HTML] [RTF]
G.S. 159-98 159-98. Reserved for future codification purposes.[HTML] [RTF]
Article 5A - Capital Appreciation Bonds. [HTML] [RTF]
G.S. 159-99 159-99. Definition; terms and conditions.[HTML] [RTF]
G.S. 159-100 159-100. Authorization.[HTML] [RTF]
Article 6 - Project Development Financing Act. [HTML] [RTF]
G.S. 159-101 159-101. Short title.[HTML] [RTF]
G.S. 159-102 159-102. Unit of local government defined.[HTML] [RTF]
G.S. 159-103 159-103. Authorization of project development financing debt instruments; purposes.[HTML] [RTF]
G.S. 159-104 159-104. Application to Commission for approval of project development financing debt instrument issue; preliminary conference; acceptance of application.[HTML] [RTF]
G.S. 159-105 159-105. Approval of application by Commission.[HTML] [RTF]
G.S. 159-106 159-106. Order approving or denying the application.[HTML] [RTF]
G.S. 159-107 159-107. Determination of incremental valuation; use of taxes levied on incremental valuation; duration of the district.[HTML] [RTF]
G.S. 159-108 159-108. Agreements with property owners.[HTML] [RTF]
G.S. 159-109 159-109. Special covenants.[HTML] [RTF]
G.S. 159-110 159-110. Security of project development financing debt instruments.[HTML] [RTF]
G.S. 159-111 159-111. Additional security for project development financing debt instruments.[HTML] [RTF]
G.S. 159-112 159-112. Limitations on details of debt instruments.[HTML] [RTF]
G.S. 159-113 159-113. Annual report.[HTML] [RTF]
G.S. 159-114 159-114: Reserved for future codification purposes.[HTML] [RTF]
G.S. 159-115 through 159-119 159-115 through 159-119: Reserved for future codification purposes.[HTML] [RTF]
Article 7 - Issuance and Sale of Bonds. [HTML] [RTF]
G.S. 159-120 159-120. Definitions.[HTML] [RTF]
G.S. 159-121 159-121. Coupon or registered bonds to be issued.[HTML] [RTF]
G.S. 159-122 159-122. Maturities of bonds.[HTML] [RTF]
G.S. 159-123 159-123. Sale of bonds by sealed bids; private sales.[HTML] [RTF]
G.S. 159-124 159-124. Date of sale; notice of sale and blank proposal.[HTML] [RTF]
G.S. 159-125 159-125. Bid instructions; bid deposit.[HTML] [RTF]
G.S. 159-126 159-126. Rejection of bids.[HTML] [RTF]
G.S. 159-127 159-127. Award of bonds.[HTML] [RTF]
G.S. 159-128 159-128. Makeup and formal execution of bonds; temporary bonds.[HTML] [RTF]
G.S. 159-129 159-129. Obligations of units certified by Commission.[HTML] [RTF]
G.S. 159-130 159-130. Record of issues kept.[HTML] [RTF]
G.S. 159-131 159-131. Contract for services to be approved by Commission.[HTML] [RTF]
G.S. 159-132 159-132. State Treasurer to deliver bonds and remit proceeds.[HTML] [RTF]
G.S. 159-133 159-133. Suit to enforce contract of sale.[HTML] [RTF]
G.S. 159-134 159-134. Fiscal agents.[HTML] [RTF]
G.S. 159-135 159-135. Application of proceeds.[HTML] [RTF]
G.S. 159-136 159-136. Issuing unit to make and report debt service payments.[HTML] [RTF]
G.S. 159-137 159-137. Lost, stolen, defaced, or destroyed bonds or notes.[HTML] [RTF]
G.S. 159-138 159-138. Cancellation of bonds and notes.[HTML] [RTF]
G.S. 159-139 159-139. Destruction of cancelled bonds, notes, and coupons.[HTML] [RTF]
G.S. 159-140 159-140. Bonds or notes eligible for investment.[HTML] [RTF]
G.S. 159-141 159-141. Terms and conditions of sale.[HTML] [RTF]
G.S. 159-142 through 159-147 159-142 through 159-147. Reserved for future codification purposes.[HTML] [RTF]
Article 8 - Financing Agreements and Other Financing Arrangements. [HTML] [RTF]
G.S. 159-148 159-148. Contracts subject to Article; exceptions.[HTML] [RTF]
G.S. 159-149 159-149. Application to Local Government Commission for approval of contract.[HTML] [RTF]
G.S. 159-150 159-150. Sworn statement of debt; debt limitation.[HTML] [RTF]
G.S. 159-151 159-151. Approval of application by Commission.[HTML] [RTF]
G.S. 159-152 159-152. Order approving or denying the application.[HTML] [RTF]
G.S. 159-153 159-153. Approval of other financing arrangements.[HTML] [RTF]
G.S. 159-154 through 159-159 159-154 through 159-159. Reserved for future codification purposes.[HTML] [RTF]
Article 9 - Bond Anticipation, Tax, Revenue and Grant Anticipation Notes. [HTML] [RTF]
G.S. 159-160 159-160. Definitions.[HTML] [RTF]
G.S. 159-161 159-161. Bond anticipation notes.[HTML] [RTF]
G.S. 159-162 159-162. Security of general obligation bond anticipation notes.[HTML] [RTF]
G.S. 159-163 159-163. Security of revenue bond anticipation notes.[HTML] [RTF]
G.S. 159-163.1 159-163.1. Security of project development financing debt instrument anticipation notes.[HTML] [RTF]
G.S. 159-164 159-164. Form of notes to be issued.[HTML] [RTF]
G.S. 159-165 159-165. Sale and delivery of bond anticipation notes.[HTML] [RTF]
G.S. 159-166 through 159-167 159-166 through 159-167. Reserved for future codification purposes.[HTML] [RTF]
G.S. 159-168 159-168. "Unit" defined.[HTML] [RTF]
G.S. 159-169 159-169. Tax anticipation notes.[HTML] [RTF]
G.S. 159-170 159-170. Revenue anticipation notes.[HTML] [RTF]
G.S. 159-171 159-171. Grant anticipation notes.[HTML] [RTF]
G.S. 159-172 159-172. Authorization and issuance of notes.[HTML] [RTF]
G.S. 159-173 through 159-175 159-173 through 159-175. Reserved for future codification purposes.[HTML] [RTF]
Article 9A - Borrowing by Cities for Competitive Purposes. [HTML] [RTF]
G.S. 159-175.10 159-175.10. Additional requirements for review of city financing application; communications service.[HTML] [RTF]
Article 10 - Assistance for Defaulting Units in Refinancing Debt. [HTML] [RTF]
G.S. 159-176 159-176. Commission to aid defaulting units in developing refinancing plans.[HTML] [RTF]
G.S. 159-177 159-177. Power to require reports and approve budgets.[HTML] [RTF]
G.S. 159-178 159-178. Duration of Commission's powers.[HTML] [RTF]
G.S. 159-179 through 159-180 159-179 through 159-180. Reserved for future codification purposes.[HTML] [RTF]
Article 11 - Enforcement of Chapter. [HTML] [RTF]
G.S. 159-181 159-181. Enforcement of Chapter.[HTML] [RTF]
G.S. 159-182 159-182. Offending officers and employees removed from office.[HTML] [RTF]
G.S. 159-183 through 159-187 159-183 through 159-187. Reserved for future codification purposes.[HTML] [RTF]
Article 12 - Borrowing by Development Authorities Created by General Assembly. [HTML] [RTF]
G.S. 159-188 159-188. Borrowing authority.[HTML] [RTF]
G.S. 159-189 through 159-192 159-189 through 159-192: Reserved for future codification purposes. (2003-388, s. 4.)[HTML] [RTF]
Article 13 - Interest Rate Swap Agreements for Governmental Units. [HTML] [RTF]
G.S. 159-193 159-193. Definitions.[HTML] [RTF]
G.S. 159-194 159-194. Swap agreements.[HTML] [RTF]
G.S. 159-195 159-195. Nature of duties of a governmental unit under a swap agreement.[HTML] [RTF]
G.S. 159-196 159-196. Approval by Commission.[HTML] [RTF]
G.S. 159-197 159-197. Additional method.[HTML] [RTF]
G.S. 159-198 159-198. Severability.[HTML] [RTF]
G.S. 159-199 159-199. Validation of preexisting swap agreements.[HTML] [RTF]
G.S. 159-200 159-200. Liberal construction.[HTML] [RTF]
G.S. 159-201 through 159-209 159-201 through 159-209: Reserved for future codification purposes.[HTML] [RTF]
Article 14 - Borrowing by Airport Authorities. [HTML] [RTF]
G.S. 159-210 159-210. Borrowing authority.[HTML] [RTF]