GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009
SESSION LAW 2010-125
HOUSE BILL 1936
AN ACT to remove the sunset on the authorization to sell, through a private sale, local GOVERNMENT bonds that are either not rated or rated below "AA," so as to continue to take advantage of the federal "Build America Bonds" program.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 159-123(b)(8) reads as rewritten:
"§ 159-123. Sale of bonds by sealed bids; private sales.
…
(b) The following classes of bonds may be sold at private sale:
…
(8) General
obligation bonds issued pursuant to the Local Government Bond Act that have
been rated by a nationally recognized credit rating agency at a credit rating
below "AA" (or comparable category if stated differently) or that are
unrated and that are not described in subdivisions (1) through (7) of this subsection
that are sold prior to December 31, 2010.subsection."
SECTION 2. This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 7th day of July, 2010.
s/ Walter H. Dalton
President of the Senate
s/ Joe Hackney
Speaker of the House of Representatives
s/ Beverly E. Perdue
Governor
Approved 5:02 p.m. this 21st day of July, 2010