NOTE: The Statutes on the North Carolina General Assembly website reflect changes made in the 2017 Regular Session. The changes from all Sessions are listed in the NC Statutes and Session Laws affected by ratified bills documents.

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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 Short title; definitions; local acts superseded.[HTML] [RTF]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]
Article 15 - Borrowing for Expansion of Existing Landfills and Construction of New Landfills in Certain Circumstances. [HTML] [RTF]
G.S. 159-216§ 159-216. Borrowing authority for landfills.[HTML] [RTF]

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