§ 159-86. Approval of application by Commission.

279 words·~1 min read·/nc/chapter-159/159-86

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)In determining whether a proposed revenue bond issue shall be approved, the Commission may consider:

(1)Whether the project to be financed from the proceeds of the revenue bond issue is necessary or expedient.

(2)Whether the proposed project is feasible.

(3)The State's or the municipality's, as the case may be, debt management procedures and policies.

(4)Whether the State or the municipality, as the case may be, is in default in any of its debt service obligations.

(5)Whether the probable net revenues of the project to be financed will be sufficient to service the proposed revenue bonds.

(6)The ability of the Commission to market the proposed revenue bonds at reasonable rates of interest.

The Commission may inquire into and give consideration to any other matters that it may believe to have a bearing on whether the issue should be approved.

(b)The Commission shall approve the application if, upon the information and evidence it receives, it finds and determines:

(1)That the proposed revenue bond issue is necessary or expedient.

(2)That the amount proposed is adequate and not excessive for the proposed purpose of the issue.

(3)That the proposed project is feasible.

(4)That the State's or the municipality's, as the case may be, debt management procedures and policies are good, or that reasonable assurances have been given that its debt will henceforth be managed in strict compliance with law.

(5)That the proposed revenue bonds can be marketed at reasonable interest cost to the State or the municipality, as the case may be. (1971, c. 780, s. 1; 1983, c. 554, ss. 7, 8.)