State Codes and Statutes

Statutes > North-carolina > Chapter_156 > GS_156-97

§ 156‑97.  Bondsissued.

At the expiration of 15 days after publication of notice of bond issuethe board of drainage commissioners may issue bonds of the drainage districtfor an amount equal to the total cost of the improvement, less such amounts asshall have been paid in in cash to the treasurer. Bonds issued by the board ofdrainage commissioners shall comply with the following provisions:

(1)        The bonds shall be serial bonds;

(2)        The denomination of the bonds shall be not less than onehundred dollars ($100.00) nor more than one thousand dollars ($1,000);

(3)        The interest upon said bonds shall not be more thanfourteen  percent (14%) per annum, from the date of issue and payablesemiannually;

(4)        The first annual installment of principal shall fall due not less than three years nor more than six years after the date of the bonds;

(5)        Each annual installment of principal shall be not less thantwo percent (2%) nor more than ten percent (10%) of the total bonds authorized;

(6)        If the total amount of bonds to be issued does not exceedten percent (10%) of the total amount of the assessment, the board ofcommissioners may, in their discretion, not issue any bonds and in lieu thereofissue assessment anticipation bonds which shall mature over a period of not lessthan four nor more than 10 years and shall be payable in equal annualinstallments. The interest rate on said assessment anticipation bonds shall notbe more than fourteen percent (14%) per annum;

(7)        The board of commissioners may issue bond anticipation noteor notes to be redeemed and paid upon the sale and delivery of bonds hereinprovided for. If such bond anticipation note or notes are issued, at thediscretion of the commissioners, such may be done after the bonds have beensold and prior to the printing and delivery of said bonds and must be paid fromthe proceeds of said bonds when delivered. (1909, c. 442, s. 34; 1911, c. 67, s. 11; 1917, c. 152, s. 12; C.S., s.5354; 1923, c. 217, s. 5; 1955, c. 1340; 1957, c. 1410, s. 1; 1961, c. 601, s.1; 1963, c. 767, s. 4; 1969, c. 878; 1985, c. 136, ss. 1, 2.)

State Codes and Statutes

Statutes > North-carolina > Chapter_156 > GS_156-97

§ 156‑97.  Bondsissued.

At the expiration of 15 days after publication of notice of bond issuethe board of drainage commissioners may issue bonds of the drainage districtfor an amount equal to the total cost of the improvement, less such amounts asshall have been paid in in cash to the treasurer. Bonds issued by the board ofdrainage commissioners shall comply with the following provisions:

(1)        The bonds shall be serial bonds;

(2)        The denomination of the bonds shall be not less than onehundred dollars ($100.00) nor more than one thousand dollars ($1,000);

(3)        The interest upon said bonds shall not be more thanfourteen  percent (14%) per annum, from the date of issue and payablesemiannually;

(4)        The first annual installment of principal shall fall due not less than three years nor more than six years after the date of the bonds;

(5)        Each annual installment of principal shall be not less thantwo percent (2%) nor more than ten percent (10%) of the total bonds authorized;

(6)        If the total amount of bonds to be issued does not exceedten percent (10%) of the total amount of the assessment, the board ofcommissioners may, in their discretion, not issue any bonds and in lieu thereofissue assessment anticipation bonds which shall mature over a period of not lessthan four nor more than 10 years and shall be payable in equal annualinstallments. The interest rate on said assessment anticipation bonds shall notbe more than fourteen percent (14%) per annum;

(7)        The board of commissioners may issue bond anticipation noteor notes to be redeemed and paid upon the sale and delivery of bonds hereinprovided for. If such bond anticipation note or notes are issued, at thediscretion of the commissioners, such may be done after the bonds have beensold and prior to the printing and delivery of said bonds and must be paid fromthe proceeds of said bonds when delivered. (1909, c. 442, s. 34; 1911, c. 67, s. 11; 1917, c. 152, s. 12; C.S., s.5354; 1923, c. 217, s. 5; 1955, c. 1340; 1957, c. 1410, s. 1; 1961, c. 601, s.1; 1963, c. 767, s. 4; 1969, c. 878; 1985, c. 136, ss. 1, 2.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_156 > GS_156-97

§ 156‑97.  Bondsissued.

At the expiration of 15 days after publication of notice of bond issuethe board of drainage commissioners may issue bonds of the drainage districtfor an amount equal to the total cost of the improvement, less such amounts asshall have been paid in in cash to the treasurer. Bonds issued by the board ofdrainage commissioners shall comply with the following provisions:

(1)        The bonds shall be serial bonds;

(2)        The denomination of the bonds shall be not less than onehundred dollars ($100.00) nor more than one thousand dollars ($1,000);

(3)        The interest upon said bonds shall not be more thanfourteen  percent (14%) per annum, from the date of issue and payablesemiannually;

(4)        The first annual installment of principal shall fall due not less than three years nor more than six years after the date of the bonds;

(5)        Each annual installment of principal shall be not less thantwo percent (2%) nor more than ten percent (10%) of the total bonds authorized;

(6)        If the total amount of bonds to be issued does not exceedten percent (10%) of the total amount of the assessment, the board ofcommissioners may, in their discretion, not issue any bonds and in lieu thereofissue assessment anticipation bonds which shall mature over a period of not lessthan four nor more than 10 years and shall be payable in equal annualinstallments. The interest rate on said assessment anticipation bonds shall notbe more than fourteen percent (14%) per annum;

(7)        The board of commissioners may issue bond anticipation noteor notes to be redeemed and paid upon the sale and delivery of bonds hereinprovided for. If such bond anticipation note or notes are issued, at thediscretion of the commissioners, such may be done after the bonds have beensold and prior to the printing and delivery of said bonds and must be paid fromthe proceeds of said bonds when delivered. (1909, c. 442, s. 34; 1911, c. 67, s. 11; 1917, c. 152, s. 12; C.S., s.5354; 1923, c. 217, s. 5; 1955, c. 1340; 1957, c. 1410, s. 1; 1961, c. 601, s.1; 1963, c. 767, s. 4; 1969, c. 878; 1985, c. 136, ss. 1, 2.)