NORTH CAROLINA GENERAL ASSEMBLY

1965 SESSION

CHAPTER 769

SENATE BILL 383

AN ACT TO PROVIDE FOR AN ADDITIONAL AND ALTERNATIVE METHOD FOR FINANCING MUNICIPAL PARKING FACILITIES BY MEANS OF REVENUE BONDS AND BY THE LEVY OF SPECIAL ASSESSMENTS ON BENEFITED PROPERTY.

The General Assembly of North Carolina do enact:

Section 1. Article 39 of Chapter 160 of the General Statutes (Volume 3-D) is hereby amended by adding to said Article a new Section, which shall appear immediately after G. S. 160-504, and which shall be designated as "Sec. 160-504.1", and shall read as follows:

"Sec. 160-504.1. Alternative Method by Issuing Revenue Bonds Under the Revenue Bond Act of 1938, With Additional Financing by Special Assessments to Benefited Property. Notwithstanding any other provision of law a municipal corporation for the purpose of financing and paying the costs of off-street parking facilities may issue its revenue bonds as provided by the Revenue Bond Act of 1938, the same being Article 34 of Chapter 160 of the General Statutes, and in addition to pledging the revenues of such off-street parking facilities for the payment of said revenue bonds may also pledge the proceeds of special assessments, as hereinafter provided, upon benefited property, except that all or any part of such proceeds may be applied to the payment of notes issued in anticipation of receipt of the proceeds of sale of such bonds, but in such event the amount of such bonds authorized shall be reduced by the amount of such payments. The special assessments herein referred to shall be assessed and collected in accordance with the procedure set forth in G. S. 160-504."

Sec. 1 1/2 This Act shall not apply to Craven County.

Sec. 2. All laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.

Sec. 3. This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 2nd day of June, 1965.