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:

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(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 7^th 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 21^st day of July, 2010