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May a local government refund project development bonds with revenue bonds or general obligation bonds?

April 26, 2017bonds Development local government obligation project refund revenue

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May a local government refund project development bonds with revenue bonds or general obligation bonds?

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Yes. G.S. 159-103(b) authorizes a unit to issue general obligation bonds or revenue bonds to refund outstanding project development debt. The general obligation bonds must be issued in accordance with G.S. 159, Art. 4, and the revenue bonds must be issued in accordance with G.S. 159, Art. 5.