{"data":{"id":"us-nc/n.c.-gen.-stat.-159-105","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 159-105","heading":"Approval of application by Commission.","body":"(a)\tIn determining whether to approve a proposed project development financing debt instrument issue, the Commission may inquire into and consider any matters that it considers relevant to whether the issue should be approved, including:\n(1)\tWhether the projects to be financed from the proceeds of the project development financing debt instrument issue are necessary to secure significant new project development for a development financing district.\n(2)\tWhether the proposed projects are feasible. In making this determination, the Commission may consider any additional security such as credit enhancement, insurance, or guaranties.\n(3)\tThe unit of local government's debt management procedures and policies.\n(4)\tWhether the unit is in default in any of its debt service obligations.\n(5)\tWhether the private development forecast in the development financing plan would likely occur without the public project or projects to be financed by the project development financing debt instruments.\n(6)\tWhether taxes on the incremental valuation accruing to the development financing district, together with any other revenues available under G.S. 159-110, will be sufficient to service the proposed project development financing debt instruments.\n(7)\tThe ability of the Commission to market the proposed project development financing debt instruments at reasonable rates of interest.\n(b)\tThe Commission shall approve the application if, upon the information and evidence it receives, it finds all of the following:\n(1)\tThe proposed project development financing debt instrument issue is necessary to secure significant new economic development for a development financing district.\n(2)\tThe amount of the proposed project development financing debt is adequate and not excessive for the proposed purpose of the issue.\n(3)\tThe proposed projects are feasible. In making this determination, the Commission may consider any additional security such as credit enhancement, insurance, or guaranties.\n(4)\tThe unit of local government's debt management procedures and policies are good, or that reasonable assurances have been given that its debt will henceforth be managed in strict compliance with law.\n(5)\tThe private development forecast in the development financing plan would not be likely to occur without the public projects to be financed by the project development financing debt instruments.\n(6)\tThe proposed project development financing debt instruments can be marketed at reasonable interest cost to the issuing unit.\n(7)\tThe issuing unit has, pursuant to G.S. 160A-515.1 or G.S. 158-7.3, adopted a development financing plan for the development financing district for which the instruments are to be issued. (2003-403, s. 2.)","path":["Chapter 159. Local Government Finance.","SUBCHAPTER IV. LONG-TERM FINANCING.","Article 6. Project Development Financing Act."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_159/GS_159-105.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:24:52Z","sha256":"6563fd3f0fe30ad83d9a8263e32e7d266a8aa72ee8770a08740aef0fe9ec92c9","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-159-104","next":"us-nc/n.c.-gen.-stat.-159-106"},"notice":"GroundRules: Original legal text. Not legal advice."}