§ 115C-484. Issuance of bonds by cities and towns; debt statement; tax levy for repayment.
§ 115C‑484. Issuance of bonds by cities and towns; debt statement; tax levy for repayment.
In case the governing body of any city or town is the body authorizedby law to levy taxes for the payment of the bonds of such district, whether theterritory embraced in such district lies wholly or partly within the corporatelimits of such city or town, such governing body of such city or town is herebyauthorized to issue bonds at the time or from time to time for the purpose ofrefunding or funding the principal or interest of any bonds then outstandingwhich were issued by or on behalf of such school district. Except as otherwiseprovided in this Article, such refunding and funding bonds shall be issued inaccordance with the provisions of the Local Government Bond Act, relating tothe issuance of refunding and funding bonds under that act, and the provisionsof the Local Government Finance Act, except in the following respects:
(1) The bonds shall be issued in the name and on behalf of theschool district by the governing body of such city or town.
(2) It shall not be necessary to include in the ordinanceauthorizing the bonds, or in the notice required to be published after thepassage of the ordinance, any statement concerning the filing of a debtstatement, and, as applied to said bonds, G.S. 159‑54 and G.S. 159‑55(the Local Government Bond Act,) shall be read and understood as if theycontained no requirements in respect to such matters.
(3) The governing body of such city or town shall annually levyand collect a tax ad valorem upon all the taxable property in such schooldistrict sufficient to pay the principal and interest of such refunding orfunding bonds as the same become due. (1955, c. 1372, art. 13, s. 4; 1981, c. 423, s. 1.)