NC General Statutes

N.C. Gen. Stat. § 159-46 (2026)

Faith and credit pledged

✓ current as of July 2026

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The faith and credit of the issuing unit are hereby pledged for the payment of the principal of and interest on all bonds issued under this Article and debt instruments secured by a pledge of its faith and credit in accordance with the limitations and procedures prescribed in Chapter 159G of the General Statutes according to their terms, and the power and obligation of the issuing unit to levy taxes and raise other revenues for the prompt payment of installments of principal and interest or for the maintenance of sinking funds shall be unrestricted as to rate or amount, notwithstanding any other provisions of law whether general, special, local, or private. (1971, c. 780, s. 1; 1987, c. 796, s. 2(2).)

Notes of Decisions

Cited in 1 case, 1990–1990 · leading case: McNeill v. Harnett Cnty., 398 S.E.2d 475 (N.C. 1990).

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McNeill v. Harnett Cnty., 398 S.E.2d 475 (N.C. 1990). · cites it 3× “N.C.G.S. § 159-46 (1987). A tax must be levied only if revenue from other sources is inadequate to repay the principal and interest on the bonds outstanding.”

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