SECTION .0300 ‑ SALE AND DELIVERY OF BONDS AND NOTES
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
(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
(7) current conditions in the market for local
(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.