Local Government case study assignment The Case Study Assignment

Using information obtained from NC General Statutes $159-148$ and $160$A$-20,$ read the case study scenarios and respond to the questions that follow. Please include a brief description of how you reached your conclusion$($s$)$ bv referencing the SPECIFIC NC General Statute$($s$)$ thatapply down to the subsection level. For example,.

G$.$S$.159-33($a$)(2),$ not G$.$S$.159-33$ unless it does not have sub$-$section$($s$).$ You are not required to cite the text of the General Statute that applies.

A$.$ The Town of Low Point has made application and received approval from the US Department of Agriculture's Community Services Program to borrow $$1\mathrm{.}5$ million using an installment purchase agreement to build a new fire station. The loan will be paid back over $30$ years at a rate of $3\mathrm{.}75\%,$ and the USDA will hold the mortgage on the fire station property until the loan is paid off. Annual payments will be $$84,131\mathrm{.}44.$

$1)$ Can the town legally provide the town hall as a security interest that will be held by the federal government? Please reference the SPECIFIC NC General Statute$($s$\}$ that apply down to the subsection level. For example, G$.$S$.159-33($a$)(2),$ not G$.$S$.159-33$ unless it does not have sub$-$section$($s$).$

$2\}$ Will the installment purchase agreement with the federal government need approval by the Local Government Commission? Please reference the SPECIFIC NC General Statute$($s$\}$ that apply down to the subsection level. For example, G$.$S$.159-33($a$)(2),$ not G$.$S$.159-33$ unless it does not have sub$-$section$($s$).$