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GS 153A -376 <br />51 <br />the North Carolina Department of Commerce or directly from the federal government, in accordance <br />with State and federal laws governing these funds. Any county that receives these funds directly from <br />the federal government may pledge current and future CDBG funds -for use as loan guarantees in <br />accordance with State and federal laws governing these funds. A county may implement the receipt, <br />dispensing, and pledging of CDBG funds under this subsection by borrowing CDBG funds and lending <br />all or a portion of those funds to a third party in accordance with applicable laws governing the CDBG <br />program. <br />Any county that has pledged current or future CDBG fiends for use as loan guarantees prior to the <br />enactment of this subsection is authorized to have taken such action. A pledge of future CDBG funds <br />under this subsection is not a debt or liability of the State or any political subdivision of the State or a <br />pledge of the faith and credit of the State -or any political subdivision of the State. The pledging of future <br />CDBG- funds =under this- subsection does not directly, indirectly; or contingently obligate the State- or -any <br />political subdivision of the State to levy or to pledge any taxes. (1975, c. 435, s. 2; c. 689, s. 2; <br />1987 (Reg. Sess., 1988), c. 992, s. 1; 1995, c. 310, s. 2; 1995 (Reg. Sess., 1996), C. <br />575, s. 2; 1996, 2nd Ex. Sess., c. 13, s. 3.8; 2006 -259, s. 27(a).) <br />http: / /www.ncga. state.nc.us /gascripts/ statutes /statutelookup.pl ?statute= 153A -... 6/7/2013 <br />