Amends GS 159-28(a) to exempt obligations and related documents approved by the Local Government Commission (Commission) from the requirement that an obligation evidenced by a contract or agreement requiring a monetary payment, or a purchase order for goods must include on its face a certificate stating that the contract, agreement, or purchase order has been pre-audited to ensure compliance with this subsection.
Amends GS 159-54 to provide that a bond order is to be introduced before the governing board of the issuing unit after or at the same time the publication of the notice of intent to make application to the Commission is approved by the governing board of the issuing unit (was, after or at the same time the application is filed and accepted for submission to the Commission).
Amends GS 159-56 to modify the statement appended to the bond order as introduced, deleting the requirement that the statement showing the appraised value and the net debt of the issuing unit include the proposed bonds. Provides that the statement include the net debt after the issuance of the proposed bonds on the statement if the bond order is adopted.
Enacts new GS 159-42 regarding the timely payment of bonds. Provides that this section applies to bonds issued by a local unit of government where in the bond order, bond resolution, or trust agreement authorizing or securing the bonds and at the time the bonds were issued, the governing board of the unit has expressly and irrevocably elected to have the provisions of this section apply and the debt service schedule for the bonds has been received by the State Treasurer. Provides that this section doesn’t apply to any other obligations of a unit of local government. Provides additional guidelines and criteria regarding the timely payment of bonds and the business efforts.
Amends the definition in GS 159I-30(g)(3) for the term project, defining it to refer to any capitol cost described in GS 159-48(b), (c), or (d) other than the capital cost described in GS 159-48(d)(21). Deletes from the definition of project terms dealing with water supply systems and varied water projects as defined in SL 1998-132, and deletes, with respect to a city, any service or facility authorized by GS 160A-536 and provided in a municipal service district.
Includes a severability clause.