§ 160A-239.4. (Expires July 1, 2013) Financing a project for which an assessment is imposed.
§ 160A‑239.4. (ExpiresJuly 1, 2013) Financing a project for which an assessment is imposed.
(a) Financing Sources. A city council may provide for the payment of the cost of a project for whichan assessment may be imposed under this Article from one or more financingsources listed in this subsection. The assessment resolution must include theestimated cost of the project and the amount of the cost to be derived from therespective financing source.
(1) Revenue bonds issuedunder G.S. 160A‑239.6.
(2) Project developmentfinancing debt instruments issued under the North Carolina Project DevelopmentFinancing Act, Article 6 of Chapter 159 of the General Statutes.
(3) General obligationbonds issued under the Local Government Bond Act, Article 4 of Chapter 159 ofthe General Statutes.
(4) General revenues.
(b) AssessmentsPledged. An assessment imposed under this Article may be pledged to securerevenue bonds under G.S. 153A‑210.6 or as additional security for aproject development financing debt instrument under G.S. 159‑111. If anassessment imposed under this Article is pledged to secure financing, the citycouncil must covenant to enforce the payment of the assessments. (2008‑165, s. 3; 2009‑525,s. 2(b).)