{"data":{"id":"us-nc/n.c.-gen.-stat.-159-86","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 159-86","heading":"Approval of application by Commission.","body":"(a)\tIn determining whether a proposed revenue bond issue shall be approved, the Commission may consider:\n(1)\tWhether the project to be financed from the proceeds of the revenue bond issue is necessary or expedient.\n(2)\tWhether the proposed project is feasible.\n(3)\tThe State's or the municipality's, as the case may be, debt management procedures and policies.\n(4)\tWhether the State or the municipality, as the case may be, is in default in any of its debt service obligations.\n(5)\tWhether the probable net revenues of the project to be financed will be sufficient to service the proposed revenue bonds.\n(6)\tThe ability of the Commission to market the proposed revenue bonds at reasonable rates of interest.\nThe Commission may inquire into and give consideration to any other matters that it may believe to have a bearing on whether the issue should be approved.\n(b)\tThe Commission shall approve the application if, upon the information and evidence it receives, it finds and determines:\n(1)\tThat the proposed revenue bond issue is necessary or expedient.\n(2)\tThat the amount proposed is adequate and not excessive for the proposed purpose of the issue.\n(3)\tThat the proposed project is feasible.\n(4)\tThat the State's or the municipality's, as the case may be, 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)\tThat the proposed revenue bonds can be marketed at reasonable interest cost to the State or the municipality, as the case may be. (1971, c. 780, s. 1; 1983, c. 554, ss. 7, 8.)","path":["Chapter 159. Local Government Finance.","SUBCHAPTER IV. LONG-TERM FINANCING.","Article 5. Revenue Bonds."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_159/GS_159-86.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:24:52Z","sha256":"6acc79f4f90a9b05339ac030150e77aebcc4bfc972ceaec36be5ee0f98640f6d","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-159-85","next":"us-nc/n.c.-gen.-stat.-159-87"},"notice":"GroundRules: Original legal text. Not legal advice."}