Assistance for DefaultingUnits in Refinancing Debt.
§ 159‑176. Commissionto aid defaulting units in developing refinancing plans.
If a unit of local governmentor municipality (as defined in G.S. 159‑44 or 159‑81) fails to payany installment of principal or interest on its outstanding debt on or beforethe due date (whether the debt is evidenced by general obligation bonds,revenue bonds, bond anticipation notes, tax anticipation notes, or revenueanticipation notes) and remains in default for 90 days, the Commission may takesuch action as it deems advisable to investigate the unit's or municipality'sfiscal affairs, consult with its governing board, and negotiate with itscreditors in order to assist the unit or municipality in working out a plan forrefinancing, adjusting, or compromising the debt. When a plan is developed thatthe Commission finds to be fair and equitable and reasonably within the abilityof the unit or municipality to meet, the Commission shall enter an orderfinding that it is fair, equitable, and within the ability of the unit ormunicipality to meet. The Commission shall then advise the governing board totake the necessary steps to implement it. If the governing board declines orrefuses to do so within 90 days after receiving the Commission's advice, theCommission may enter an order directing the governing board to implement theplan. When this order is entered, the members of the governing board and allofficers and employees of the unit or municipality shall be under anaffirmative duty to do all things necessary to implement the plan. TheCommission may apply to the appropriate division of the General Court ofJustice for a court order to the governing board and other officers andemployees of the unit or municipality to enforce the Commission's order. (1935, c. 124, ss. 1, 2;1971, c. 780, s. 1; 1973, c. 494, s. 41; 1981 (Reg. Sess., 1982), c. 1276, s.12.)
§ 159‑176. (Foreffective date, see note) Commission to aid defaulting units in developingrefinancing plans.
If a unit of local governmentor municipality (as defined in G.S. 159‑44, 159‑81, or 159‑102)fails to pay any installment of principal or interest on its outstanding debton or before the due date (whether the debt is evidenced by general obligationbonds, revenue bonds, project development financing debt instruments, bondanticipation notes, tax anticipation notes, or revenue anticipation notes) andremains in default for 90 days, the Commission may take such action as it deemsadvisable to investigate the unit's or municipality's fiscal affairs, consultwith its governing board, and negotiate with its creditors in order to assistthe unit or municipality in working out a plan for refinancing, adjusting, orcompromising the debt. When a plan is developed that the Commission finds to befair and equitable and reasonably within the ability of the unit ormunicipality to meet, the Commission shall enter an order finding that it isfair, equitable, and within the ability of the unit or municipality to meet. TheCommission shall then advise the governing board to take the necessary steps toimplement it. If the governing board declines or refuses to do so within 90days after receiving the Commission's advice, the Commission may enter an orderdirecting the governing board to implement the plan. When this order isentered, the members of the governing board and all officers and employees ofthe unit or municipality shall be under an affirmative duty to do all thingsnecessary to implement the plan. The Commission may apply to the appropriatedivision of the General Court of Justice for a court order to the governingboard and other officers and employees of the unit or municipality to enforcethe Commission's order. (1935, c. 124, ss. 1, 2; 1971, c. 780, s. 1; 1973, c. 494, s. 41; 1981(Reg. Sess., 1982), c. 1276, s. 12; 2003‑403, s. 15.)
Assistance for DefaultingUnits in Refinancing Debt.
§ 159‑176. Commissionto aid defaulting units in developing refinancing plans.
If a unit of local governmentor municipality (as defined in G.S. 159‑44 or 159‑81) fails to payany installment of principal or interest on its outstanding debt on or beforethe due date (whether the debt is evidenced by general obligation bonds,revenue bonds, bond anticipation notes, tax anticipation notes, or revenueanticipation notes) and remains in default for 90 days, the Commission may takesuch action as it deems advisable to investigate the unit's or municipality'sfiscal affairs, consult with its governing board, and negotiate with itscreditors in order to assist the unit or municipality in working out a plan forrefinancing, adjusting, or compromising the debt. When a plan is developed thatthe Commission finds to be fair and equitable and reasonably within the abilityof the unit or municipality to meet, the Commission shall enter an orderfinding that it is fair, equitable, and within the ability of the unit ormunicipality to meet. The Commission shall then advise the governing board totake the necessary steps to implement it. If the governing board declines orrefuses to do so within 90 days after receiving the Commission's advice, theCommission may enter an order directing the governing board to implement theplan. When this order is entered, the members of the governing board and allofficers and employees of the unit or municipality shall be under anaffirmative duty to do all things necessary to implement the plan. TheCommission may apply to the appropriate division of the General Court ofJustice for a court order to the governing board and other officers andemployees of the unit or municipality to enforce the Commission's order. (1935, c. 124, ss. 1, 2;1971, c. 780, s. 1; 1973, c. 494, s. 41; 1981 (Reg. Sess., 1982), c. 1276, s.12.)
§ 159‑176. (Foreffective date, see note) Commission to aid defaulting units in developingrefinancing plans.
If a unit of local governmentor municipality (as defined in G.S. 159‑44, 159‑81, or 159‑102)fails to pay any installment of principal or interest on its outstanding debton or before the due date (whether the debt is evidenced by general obligationbonds, revenue bonds, project development financing debt instruments, bondanticipation notes, tax anticipation notes, or revenue anticipation notes) andremains in default for 90 days, the Commission may take such action as it deemsadvisable to investigate the unit's or municipality's fiscal affairs, consultwith its governing board, and negotiate with its creditors in order to assistthe unit or municipality in working out a plan for refinancing, adjusting, orcompromising the debt. When a plan is developed that the Commission finds to befair and equitable and reasonably within the ability of the unit ormunicipality to meet, the Commission shall enter an order finding that it isfair, equitable, and within the ability of the unit or municipality to meet. TheCommission shall then advise the governing board to take the necessary steps toimplement it. If the governing board declines or refuses to do so within 90days after receiving the Commission's advice, the Commission may enter an orderdirecting the governing board to implement the plan. When this order isentered, the members of the governing board and all officers and employees ofthe unit or municipality shall be under an affirmative duty to do all thingsnecessary to implement the plan. The Commission may apply to the appropriatedivision of the General Court of Justice for a court order to the governingboard and other officers and employees of the unit or municipality to enforcethe Commission's order. (1935, c. 124, ss. 1, 2; 1971, c. 780, s. 1; 1973, c. 494, s. 41; 1981(Reg. Sess., 1982), c. 1276, s. 12; 2003‑403, s. 15.)
Assistance for DefaultingUnits in Refinancing Debt.
§ 159‑176. Commissionto aid defaulting units in developing refinancing plans.
If a unit of local governmentor municipality (as defined in G.S. 159‑44 or 159‑81) fails to payany installment of principal or interest on its outstanding debt on or beforethe due date (whether the debt is evidenced by general obligation bonds,revenue bonds, bond anticipation notes, tax anticipation notes, or revenueanticipation notes) and remains in default for 90 days, the Commission may takesuch action as it deems advisable to investigate the unit's or municipality'sfiscal affairs, consult with its governing board, and negotiate with itscreditors in order to assist the unit or municipality in working out a plan forrefinancing, adjusting, or compromising the debt. When a plan is developed thatthe Commission finds to be fair and equitable and reasonably within the abilityof the unit or municipality to meet, the Commission shall enter an orderfinding that it is fair, equitable, and within the ability of the unit ormunicipality to meet. The Commission shall then advise the governing board totake the necessary steps to implement it. If the governing board declines orrefuses to do so within 90 days after receiving the Commission's advice, theCommission may enter an order directing the governing board to implement theplan. When this order is entered, the members of the governing board and allofficers and employees of the unit or municipality shall be under anaffirmative duty to do all things necessary to implement the plan. TheCommission may apply to the appropriate division of the General Court ofJustice for a court order to the governing board and other officers andemployees of the unit or municipality to enforce the Commission's order. (1935, c. 124, ss. 1, 2;1971, c. 780, s. 1; 1973, c. 494, s. 41; 1981 (Reg. Sess., 1982), c. 1276, s.12.)
§ 159‑176. (Foreffective date, see note) Commission to aid defaulting units in developingrefinancing plans.
If a unit of local governmentor municipality (as defined in G.S. 159‑44, 159‑81, or 159‑102)fails to pay any installment of principal or interest on its outstanding debton or before the due date (whether the debt is evidenced by general obligationbonds, revenue bonds, project development financing debt instruments, bondanticipation notes, tax anticipation notes, or revenue anticipation notes) andremains in default for 90 days, the Commission may take such action as it deemsadvisable to investigate the unit's or municipality's fiscal affairs, consultwith its governing board, and negotiate with its creditors in order to assistthe unit or municipality in working out a plan for refinancing, adjusting, orcompromising the debt. When a plan is developed that the Commission finds to befair and equitable and reasonably within the ability of the unit ormunicipality to meet, the Commission shall enter an order finding that it isfair, equitable, and within the ability of the unit or municipality to meet. TheCommission shall then advise the governing board to take the necessary steps toimplement it. If the governing board declines or refuses to do so within 90days after receiving the Commission's advice, the Commission may enter an orderdirecting the governing board to implement the plan. When this order isentered, the members of the governing board and all officers and employees ofthe unit or municipality shall be under an affirmative duty to do all thingsnecessary to implement the plan. The Commission may apply to the appropriatedivision of the General Court of Justice for a court order to the governingboard and other officers and employees of the unit or municipality to enforcethe Commission's order. (1935, c. 124, ss. 1, 2; 1971, c. 780, s. 1; 1973, c. 494, s. 41; 1981(Reg. Sess., 1982), c. 1276, s. 12; 2003‑403, s. 15.)
