State Codes and Statutes
Statutes > North-carolina > Chapter_159 > GS_159-150§ 159‑150. Swornstatement of debt; debt limitation.
After or at the time an application is filed under G.S. 159‑149,the finance officer, or some other officer designated by the board, shallprepare, swear to, and file with the secretary and for public inspection in theoffice of the clerk to the board a statement of debt in the same formprescribed in G.S. 159‑55 for statements of debt filed in connection withgeneral obligation bond issues. The sums to be included in gross debt and thedeductions therefrom to arrive at net debt shall be the same as prescribed inG.S. 159‑55, except that sums to fall due under contracts subject to thisArticle shall be treated as if they were evidenced by general obligation bondsof the unit.
No contract subject to this Article may be executed if the net debt ofthe contracting unit, after execution of the contract, would exceed eightpercent (8%) of the assessed value of property subject to taxation by thecontracting unit. (1971, c. 780, s.1; 1991, c. 11, s. 5.)
