What findings must the LGC make in order to approve a project development bond issuance?
According to G.S. 159-105(b), the LGC must make the following findings in order to approve a project development bond issuance: • The proposed project development bond issue is necessary to secure significant new economic development for a project development district; • The amount of the proposed project development debt is adequate and not excessive for the proposed purpose of the issue; • The proposed projects are feasible (considering any additional security such as credit enhancement, insurance, or guaranties); • The unit of local government’s debt management procedures and policies are good, or reasonable assurances have been given that its debt will be managed in strict compliance with all legal requirements; • The private development forecast in the project development financing plan would not be likely to occur without the public projects to be financed by the project development bonds; • The proposed project development bonds can be marketed at reasonable interest cost to the
