GENERAL ASSEMBLY OF NORTH CAROLINA
1989 SESSION
CHAPTER 470
The General Assembly of North Carolina enacts:
Section 1. G.S. 159-49 reads as rewritten:
"§ 159-49. When a vote of the people is required.
Bonds may be issued under this Article only if approved by a vote of the qualified voters of the issuing unit as provided in this Article, except that voter approval shall not be required for:
(1) Bonds issued for any purpose authorized by G.S. 159-48(a)(1), (2), (3), or (5).
(2) Bonds issued by a
county, county water and sewer district created under Article 6 of Chapter
162A of the General Statutes, metropolitan water district created under Article
4 of Chapter 162A of the General Statutes, or city for any purpose
authorized by G.S. 159-48(a)(4), (6), or (7) or G.S. 159-48(b), (c), or (d) (d),
or (e) (except purposes authorized by G.S. 159-48(b)(3), (11), (16), (22),
or (23) or by G.S. 159-48(d)(2)) in an aggregate principal sum not exceeding
two thirds of the amount by which the outstanding indebtedness of the issuing county
or city county, county water and sewer district, metropolitan water
district, or city has been reduced during the next preceding fiscal year.
Pursuant to Article V, Sec. 4(2) of the Constitution, the
General Assembly hereby declares that the purposes authorized by G.S.
159-48(a)(4), (6), and (7) and by G.S. 159-48(b), (c), and (d) (d),
and (e) (except purposes authorized by G.S. 159-48(b)(3), (11), (16), (22),
or (23) or by G.S. 159-48(d)(2)) are purposes for which bonds may be issued without
a vote of the people, to the extent of two thirds of the amount by which the
outstanding indebtedness of the issuing county, county water and sewer
district, metropolitan water district, or city was reduced in the last
preceding fiscal year."
Sec. 2. This act is effective upon ratification.
In the General Assembly read three times and ratified this the 27th day of June, 1989.