In case the governing body of any city or town is the body authorized by law to levy
taxes for the payment of the bonds of such district, whether the territory embraced
in such district lies wholly or partly within the corporate limits of such city or
town, such governing body of such city or town is hereby authorized to issue bonds
at the time or from time to time for the purpose of refunding or funding the principal
or interest of any bonds then outstanding which were issued by or on behalf of such
school district. Except as otherwise provided in this Article, such refunding and funding bonds shall
be issued in accordance with the provisions of the Local Government Bond Act, relating
to the issuance of refunding and funding bonds under that act, and the provisions
of the Local Government Finance Act, except in the following respects:
(1) The bonds shall be issued in the name and on behalf of the school district by
the governing body of such city or town.
(2) It shall not be necessary to include in the ordinance authorizing the bonds, or
in the notice required to be published after the passage of the ordinance, any statement
concerning the filing of a debt statement, and, as applied to said bonds, G.S. 159-54 and G.S. 159-55 (the Local Government Bond Act,) shall be read and understood as if they contained
no requirements in respect to such matters.
(3) The governing body of such city or town shall annually levy and collect a tax
ad valorem upon all the taxable property in such school district sufficient to pay
the principal and interest of such refunding or funding bonds as the same become due.
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