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GS_153A-376 81 <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 />