SECTION .0900 ‑ FISCAL RULES FOR LOCAL BOARDS

14b NCAC 15a .0901      BORROWING MONEY

Before a local board borrows money, it shall consider the following factors:

(1)           the number of stores in a service area;

(2)           the estimated population in a service area;

(3)           the location of stores in a service area;

(4)           the nature and amount of the outstanding debt of the local board;

(5)           whether the borrowing is for the purchase of fixed assets, inventory or both;

(6)           the adequacy of the accounting system used or proposed to be used by the local board;

(7)           its compliance with rules of the Commission;

(8)           history of operating profits; and

(9)           projected profits and ability to retire the debt.

History Note:        Authority G.S. 18B‑100; 18B-203(a)(20); 18B-207; 18B-702(r),(u);

Eff. January 1, 1982;

Amended Eff. July 1, 1992; May 1, 1984;

Transferred and Recodified from 04 NCAC 02R .0901 Eff. August 1, 2015;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. August 22, 2015.