Section .0300 ‑ Sale And Delivery Of Bonds And Notes

Link to law: 20 - state treasurer/chapter 03 - local government commission/20 ncac 03 .0301.html
Published: 2015

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20 NCAC 03 .0301             PRESALE REQUIREMENTS

(a)  The Secretary may fix the date for the sale of any

bonds or notes at any date after the Commission has approved the bonds or

notes.  Before fixing the date, the following may be considered:

(1)           the need of the governmental unit for the

proceeds of the bonds or notes;

(2)           the current financial condition of the

governmental unit;

(3)           requirements of federal or state agencies

financing, in whole or in part, a project to be financed by the bonds or notes;

(4)           requirements or restrictions of the

Internal Revenue Service and any regulatory agencies relating to the issuance

of bonds or notes;

(5)           competing sales by other governmental units

or the State of North Carolina;

(6)           concurrence of the bond attorney for the

governmental unit;

(7)           current conditions in the market for local

government obligations;

(8)           such other factors that may affect the sale

of the bonds or notes.

(b)  Before or after the sale date is fixed, the Secretary

may suggest to the governmental unit the terms and conditions of the proposed

sale of bonds or notes, and obtain from an authorized representative of the

governmental unit their oral or written agreement as to the terms and

conditions of the sale.

(c)  The Secretary shall prepare or cause the unit's bond

attorney to prepare a notice of sale for the bonds or notes which shall specify

the basis on which the bids are to be accepted, rejected and awarded.  Such

notice of sale shall be provided to the authorized representative of the

governmental unit for publication in accordance with the applicable statutes.

(d)  The Secretary shall require the governmental unit to

furnish the commission with sufficient information to prepare a prospectus or

official statement such that adequate information is disclosed to meet the

requirements of the market and regulatory agencies, if any, for a competitive

and legal sale.


History Note:        Authority G.S. 159‑3(f);

Eff. February 1, 1976;

Readopted Eff. September 23, 1977;

Amended Eff. April 1, 1985.