Friday, April 6, 2018

Bond Lawsuit Settlement Agreement Executed

"The Defendant stipulates that it is required to use the proceeds derived from the
sale of the general obligation bonds issued pursuant to the City of Asheville’s November 8, 2016 Referendum to pay capital costs (as determined under N.C. Gen. Stat. 159-48(h)) of projects consistent with the transportation, parks and reci‘eation, and housing purposes set forth in the bond ballots and authorized by the voters, and as otherwise required by law. The City further stipulates that it will likewise comply with the applicable provisions of The Local Government Budget and Fiscal Control Act codified at N.C. Gen. Stat. 159-7, et. seq." 

(Source: Signed and executed Settlement Agreement filed April 4, 2018)

Click this link to read the entire Executed Settlement Agreement

To read the full description about the Plaintiff's Offer to Settle, read our prior blog post:

What's Next?
It is up to City taxpayers to keep your City accountable!

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