§ 159‑51. Application to Commission for approval of bond issue; preliminary conference;acceptance of application.
No bonds may be issued under this Article unless the issue is approvedby the Local Government Commission. The governing board of the issuing unitshall file an application for Commission approval of the issue with thesecretary of the Commission. Ifthe issuing unit is a regional public transportation authority, the applicationmust be accompanied by resolutions of the special tax board of that authorityand of each of the boards of county commissioners of the counties organizingthe authority approving of the application. The application shall state suchfacts and have attached to it such documents concerning the proposed bonds andthe financial condition of the issuing unit as the secretary may require. TheCommission may prescribe the form of the application.
Before he accepts the application, the secretary may require thegoverning board or its representatives to attend a preliminary conference toconsider the proposed bond issue. If the issuing unit is a merged schooladministrative unit described in G.S. 115C‑513, each county in which themerged unit is located may attend the preliminary conference.
After an application in proper form has been filed, and after apreliminary conference if one is required, the secretary shall notify the unitin writing that the application has been filed and accepted for submission tothe Commission. The secretary's statement shall be conclusive evidence that theunit has complied with this section. (1953, c. 1121; 1971, c. 780, s. 2; 1989, c. 740, s. 5; 1991, c. 325,s. 6, c. 666, s. 6.)
§ 159‑51. Application to Commission for approval of bond issue; preliminary conference;acceptance of application.
No bonds may be issued under this Article unless the issue is approvedby the Local Government Commission. The governing board of the issuing unitshall file an application for Commission approval of the issue with thesecretary of the Commission. Ifthe issuing unit is a regional public transportation authority, the applicationmust be accompanied by resolutions of the special tax board of that authorityand of each of the boards of county commissioners of the counties organizingthe authority approving of the application. The application shall state suchfacts and have attached to it such documents concerning the proposed bonds andthe financial condition of the issuing unit as the secretary may require. TheCommission may prescribe the form of the application.
Before he accepts the application, the secretary may require thegoverning board or its representatives to attend a preliminary conference toconsider the proposed bond issue. If the issuing unit is a merged schooladministrative unit described in G.S. 115C‑513, each county in which themerged unit is located may attend the preliminary conference.
After an application in proper form has been filed, and after apreliminary conference if one is required, the secretary shall notify the unitin writing that the application has been filed and accepted for submission tothe Commission. The secretary's statement shall be conclusive evidence that theunit has complied with this section. (1953, c. 1121; 1971, c. 780, s. 2; 1989, c. 740, s. 5; 1991, c. 325,s. 6, c. 666, s. 6.)
§ 159‑51. Application to Commission for approval of bond issue; preliminary conference;acceptance of application.
No bonds may be issued under this Article unless the issue is approvedby the Local Government Commission. The governing board of the issuing unitshall file an application for Commission approval of the issue with thesecretary of the Commission. Ifthe issuing unit is a regional public transportation authority, the applicationmust be accompanied by resolutions of the special tax board of that authorityand of each of the boards of county commissioners of the counties organizingthe authority approving of the application. The application shall state suchfacts and have attached to it such documents concerning the proposed bonds andthe financial condition of the issuing unit as the secretary may require. TheCommission may prescribe the form of the application.
Before he accepts the application, the secretary may require thegoverning board or its representatives to attend a preliminary conference toconsider the proposed bond issue. If the issuing unit is a merged schooladministrative unit described in G.S. 115C‑513, each county in which themerged unit is located may attend the preliminary conference.
After an application in proper form has been filed, and after apreliminary conference if one is required, the secretary shall notify the unitin writing that the application has been filed and accepted for submission tothe Commission. The secretary's statement shall be conclusive evidence that theunit has complied with this section. (1953, c. 1121; 1971, c. 780, s. 2; 1989, c. 740, s. 5; 1991, c. 325,s. 6, c. 666, s. 6.)
