A BILL TO BE ENTITLED
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.
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(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."
SECTION 2.  This act is effective when it becomes law.