State Codes and Statutes
Statutes > North-carolina > Chapter_156 > GS_156-97_1§ 156‑97.1. Issuance of assessment anticipation notes.
In lieu of the bonds provided for in G.S. 156‑97, the board ofdrainage commissioners may issue assessment anticipation notes of the districtfor an amount not to exceed the assessment levied by the commissioners andapproved by the clerk of the superior court, less such amounts as shall havebeen paid in in cash to the treasurer. It shall be optional with the board ofdrainage commissioners in issuing assessment anticipation notes to issue serialnotes in any denominations bearing not more than fourteen percent (14%)interest from the date of issue, payable semiannually. The first annualinstallment of principal shall be due not less than one year nor more than twoyears after date thereof, and each annual installment of principal shall not beless than two percent (2%) nor more than twenty‑ five percent (25%) ofthe total amount of notes authorized and issued.
Such assessment anticipation notes, when issued, shall have the sameforce and effect of bonds issued under the provisions of this Article and shallbe collectible in the same manner.
The commissioners may issue either serial notes or an amortized note. (1957, c. 912, s. 2; 1961, c. 601, s. 3; 1963, c. 767,ss. 4, 7; 1985, c. 136, s. 3.)
