PUBLIC FINANCE LAWS/MUNICIPAL SERVICE DISTS (NEW).

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View NCGA Bill Details2011-2012 Session
Senate Bill 426 (Public) Filed Thursday, March 24, 2011
TO MAKE CLARIFICATIONS AND MODIFICATIONS TO THE PUBLIC FINANCE STATUTES OF NORTH CAROLINA FOR THE IMPROVEMENT OF VARIOUS FINANCING STRUCTURES AND THE TERMS AND PROVISIONS OF THE FINANCING STRUCTURES.
Intro. by Clodfelter.

Status: Ch. SL 2012-156 (Senate Action) (Jul 12 2012)
S 426/S.L. 2012-156

Bill Summaries:

  • Summary date: Jul 17 2012 - View Summary

    AN ACT TO MAKE CLARIFICATIONS AND MODIFICATIONS TO THE PUBLIC FINANCE STATUTES OF NORTH CAROLINA FOR THE IMPROVEMENT OF VARIOUS FINANCING STRUCTURES AND THE TERMS AND PROVISIONS OF THE FINANCING STRUCTURES AND TO AUTHORIZE A RESOLUTION ESTABLISHING A MUNICIPAL SERVICE DISTRICT TO BECOME EFFECTIVE UPON A DATE SPECIFIED IN THE RESOLUTION IF SPECIAL OBLIGATION BONDS ARE ANTICIPATED TO BE AUTHORIZED FOR A PROJECT. Summarized in Daily Bulletin 3/24/11, 5/10/11, 5/18/11, and 6/19/12. Enacted July 12, 2012. Effective July 12, 2012.


  • Summary date: Jun 19 2012 - View Summary

    House committee substitute makes the following changes to 3rd edition.
    Removes the provisions that modified special assessments for critical infrastructure needs. Amends GS 160A-537(d) to permit a resolution defining a service district to be immediately effective if the resolution states that general obligation bonds or special obligation bonds may be authorized for the project. Makes conforming changes.


  • Summary date: May 18 2011 - View Summary

    Senate committee substitute makes the following changes to 2nd edition. Amends GS 153A-210.1 to create new subsection (b), providing that Article 9A of GS Chapter 153A (Special Assessments for Critical Infrastructure Needs) expires July 1, 2016, and clarifies that the expiration does not affect the validity of assessments imposed or bonds issued or authorized under the provisions of the Article before its expiration. Makes similar amendment to GS 160A-239.1.


  • Summary date: May 10 2011 - View Summary

    Senate committee substitute makes the following changes to 1st edition. Deletes in its entirety proposed GS 159-142 regarding the timely payments of bonds. Deletes amendments to GS 159-56 and GS 159I-30(g)(3) made in the previous edition. Amends GS 159-54, clarifying that a bond order will be introduced before the governing board of the issuing unit after or at the same time the application is filed with the Local Government Commission (was, after or at the same time the publication of the notice of intent to make application is approved).
    Rewrites Section 5 of SL 2008-165 to remove the sunset on special assessments for critical infrastructure needs (currently expires July 1, 2013). Makes other clarifying changes, and makes a conforming change to the bill title.


  • Summary date: Mar 24 2011 - View Summary

    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.