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May a local government refund project development bonds with additional project development bonds?

April 26, 2017additional bonds Development local government project refund

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May a local government refund project development bonds with additional project development bonds?

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Yes. G.S. 159-103(b) authorizes a unit to issue additional project development bonds to refund existing project development debt, as long as the initial bondholders agree and the refunding bonds do not extend the duration of the project development district beyond the 30 year limit.