The Board is hereby authorized to issue, subject to the approval of theDirector of the Budget, at one time or from time to time, revenue bonds of theBoard for the purpose of acquiring or constructing any project or projects. Thebonds of each issue shall be dated, shall mature at such time or times notexceeding 50 years from their date or dates, shall bear interest at such rateor rates as may be determined by the Board, and may be redeemable beforematurity, at the option of the Board, at such price or prices and under termsand conditions as may be fixed by the Board prior to the issuance of the bonds.The Board shall determine the form and manner of execution of the bonds,including any interest coupons to be attached thereto, and shall fix thedenomination or denominations of the bonds and the place or places of paymentof principal and interest, which may be at any bank or trust company within orwithout the State. In case any officer whose signature or a facsimile of whosesignature shall appear on any bonds or coupons shall cease to be such officerbefore the delivery of such bonds, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes the same as if he hadremained in office until such delivery. Notwithstanding any of the otherprovisions of this Article or any recitals in any bonds issued under theprovisions of this Article, all such bonds shall be deemed to be negotiableinstruments under the laws of this State. The bonds may be issued in coupon orregistered form or both, as the Board may determine, and provision may be madefor the registration of any coupon bonds as to principal alone and also as toboth principal and interest, and for the reconversion into coupon bonds of anybonds registered as to both principal and interest. The Board may sell suchbonds in such manner, at public or private sale, and for such price, as it maydetermine to be in the best interest of the Board.
The proceeds of the bonds of each issue shall be used solely for thepurpose for which such bonds shall have been authorized and shall be disbursedin such manner and under such restrictions, if any, as the Board may provide inthe resolution authorizing the issuance of such bonds or in the trust agreementhereinafter mentioned securing the same. Unless otherwise provided in theauthorizing resolution or in the trust agreement securing such bonds, if theproceeds of such bonds, by error of estimates or otherwise, shall be less thansuch cost, additional bonds may in like manner be issued to provide the amountof such deficit and shall be deemed to be of the same issue and shall beentitled to payment from the same fund without preference or priority of thebonds first issued for the same purpose.
The resolution providing for the issuance of revenue bonds, and anytrust agreement securing such bonds, may also contain such limitations upon theissuance of additional revenue bonds as the Board may deem proper, and suchadditional bonds shall be issued under such restrictions and limitations as maybe prescribed by such resolution or trust agreement.
Prior to the preparation of definitive bonds, the Board may, under like restrictions, issue interim receipts or temporary bonds, with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The Board may also provide for thereplacement of any bonds which shall become mutilated or be destroyed or lost.
Bonds may be issued by the Board under the provisions of this Article,subject to the approval of the Director of the Budget, but without obtainingthe consent of any other commission, board, bureau or agency of the State, andwithout any other proceedings or the happening of any other conditions orthings than those consents, proceedings, conditions or things which arespecifically required by this Article.
Revenue bonds issued under the provisions of this Article shall not bedeemed to constitute a debt of the State of North Carolina or a pledge of thefaith and credit of the State, but such bonds shall be payable solely from thefunds herein provided therefor and a statement to that effect shall be recitedon the face of the bonds.
The Board may enter into or negotiate a note with an acceptable bank ortrust company in lieu of issuing bonds for the financing of projects coveredunder this Article. The terms and conditions of any note of this nature shallbe in accordance with the terms and conditions surrounding issuance of bonds. (1957, c. 1131, s. 2; 1969, c. 1158, s. 1; 1971, c.511, s. 1; 1975, c. 233, s. 1; 1983, c. 577, s. 6.)
The Board is hereby authorized to issue, subject to the approval of theDirector of the Budget, at one time or from time to time, revenue bonds of theBoard for the purpose of acquiring or constructing any project or projects. Thebonds of each issue shall be dated, shall mature at such time or times notexceeding 50 years from their date or dates, shall bear interest at such rateor rates as may be determined by the Board, and may be redeemable beforematurity, at the option of the Board, at such price or prices and under termsand conditions as may be fixed by the Board prior to the issuance of the bonds.The Board shall determine the form and manner of execution of the bonds,including any interest coupons to be attached thereto, and shall fix thedenomination or denominations of the bonds and the place or places of paymentof principal and interest, which may be at any bank or trust company within orwithout the State. In case any officer whose signature or a facsimile of whosesignature shall appear on any bonds or coupons shall cease to be such officerbefore the delivery of such bonds, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes the same as if he hadremained in office until such delivery. Notwithstanding any of the otherprovisions of this Article or any recitals in any bonds issued under theprovisions of this Article, all such bonds shall be deemed to be negotiableinstruments under the laws of this State. The bonds may be issued in coupon orregistered form or both, as the Board may determine, and provision may be madefor the registration of any coupon bonds as to principal alone and also as toboth principal and interest, and for the reconversion into coupon bonds of anybonds registered as to both principal and interest. The Board may sell suchbonds in such manner, at public or private sale, and for such price, as it maydetermine to be in the best interest of the Board.
The proceeds of the bonds of each issue shall be used solely for thepurpose for which such bonds shall have been authorized and shall be disbursedin such manner and under such restrictions, if any, as the Board may provide inthe resolution authorizing the issuance of such bonds or in the trust agreementhereinafter mentioned securing the same. Unless otherwise provided in theauthorizing resolution or in the trust agreement securing such bonds, if theproceeds of such bonds, by error of estimates or otherwise, shall be less thansuch cost, additional bonds may in like manner be issued to provide the amountof such deficit and shall be deemed to be of the same issue and shall beentitled to payment from the same fund without preference or priority of thebonds first issued for the same purpose.
The resolution providing for the issuance of revenue bonds, and anytrust agreement securing such bonds, may also contain such limitations upon theissuance of additional revenue bonds as the Board may deem proper, and suchadditional bonds shall be issued under such restrictions and limitations as maybe prescribed by such resolution or trust agreement.
Prior to the preparation of definitive bonds, the Board may, under like restrictions, issue interim receipts or temporary bonds, with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The Board may also provide for thereplacement of any bonds which shall become mutilated or be destroyed or lost.
Bonds may be issued by the Board under the provisions of this Article,subject to the approval of the Director of the Budget, but without obtainingthe consent of any other commission, board, bureau or agency of the State, andwithout any other proceedings or the happening of any other conditions orthings than those consents, proceedings, conditions or things which arespecifically required by this Article.
Revenue bonds issued under the provisions of this Article shall not bedeemed to constitute a debt of the State of North Carolina or a pledge of thefaith and credit of the State, but such bonds shall be payable solely from thefunds herein provided therefor and a statement to that effect shall be recitedon the face of the bonds.
The Board may enter into or negotiate a note with an acceptable bank ortrust company in lieu of issuing bonds for the financing of projects coveredunder this Article. The terms and conditions of any note of this nature shallbe in accordance with the terms and conditions surrounding issuance of bonds. (1957, c. 1131, s. 2; 1969, c. 1158, s. 1; 1971, c.511, s. 1; 1975, c. 233, s. 1; 1983, c. 577, s. 6.)
The Board is hereby authorized to issue, subject to the approval of theDirector of the Budget, at one time or from time to time, revenue bonds of theBoard for the purpose of acquiring or constructing any project or projects. Thebonds of each issue shall be dated, shall mature at such time or times notexceeding 50 years from their date or dates, shall bear interest at such rateor rates as may be determined by the Board, and may be redeemable beforematurity, at the option of the Board, at such price or prices and under termsand conditions as may be fixed by the Board prior to the issuance of the bonds.The Board shall determine the form and manner of execution of the bonds,including any interest coupons to be attached thereto, and shall fix thedenomination or denominations of the bonds and the place or places of paymentof principal and interest, which may be at any bank or trust company within orwithout the State. In case any officer whose signature or a facsimile of whosesignature shall appear on any bonds or coupons shall cease to be such officerbefore the delivery of such bonds, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes the same as if he hadremained in office until such delivery. Notwithstanding any of the otherprovisions of this Article or any recitals in any bonds issued under theprovisions of this Article, all such bonds shall be deemed to be negotiableinstruments under the laws of this State. The bonds may be issued in coupon orregistered form or both, as the Board may determine, and provision may be madefor the registration of any coupon bonds as to principal alone and also as toboth principal and interest, and for the reconversion into coupon bonds of anybonds registered as to both principal and interest. The Board may sell suchbonds in such manner, at public or private sale, and for such price, as it maydetermine to be in the best interest of the Board.
The proceeds of the bonds of each issue shall be used solely for thepurpose for which such bonds shall have been authorized and shall be disbursedin such manner and under such restrictions, if any, as the Board may provide inthe resolution authorizing the issuance of such bonds or in the trust agreementhereinafter mentioned securing the same. Unless otherwise provided in theauthorizing resolution or in the trust agreement securing such bonds, if theproceeds of such bonds, by error of estimates or otherwise, shall be less thansuch cost, additional bonds may in like manner be issued to provide the amountof such deficit and shall be deemed to be of the same issue and shall beentitled to payment from the same fund without preference or priority of thebonds first issued for the same purpose.
The resolution providing for the issuance of revenue bonds, and anytrust agreement securing such bonds, may also contain such limitations upon theissuance of additional revenue bonds as the Board may deem proper, and suchadditional bonds shall be issued under such restrictions and limitations as maybe prescribed by such resolution or trust agreement.
Prior to the preparation of definitive bonds, the Board may, under like restrictions, issue interim receipts or temporary bonds, with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The Board may also provide for thereplacement of any bonds which shall become mutilated or be destroyed or lost.
Bonds may be issued by the Board under the provisions of this Article,subject to the approval of the Director of the Budget, but without obtainingthe consent of any other commission, board, bureau or agency of the State, andwithout any other proceedings or the happening of any other conditions orthings than those consents, proceedings, conditions or things which arespecifically required by this Article.
Revenue bonds issued under the provisions of this Article shall not bedeemed to constitute a debt of the State of North Carolina or a pledge of thefaith and credit of the State, but such bonds shall be payable solely from thefunds herein provided therefor and a statement to that effect shall be recitedon the face of the bonds.
The Board may enter into or negotiate a note with an acceptable bank ortrust company in lieu of issuing bonds for the financing of projects coveredunder this Article. The terms and conditions of any note of this nature shallbe in accordance with the terms and conditions surrounding issuance of bonds. (1957, c. 1131, s. 2; 1969, c. 1158, s. 1; 1971, c.511, s. 1; 1975, c. 233, s. 1; 1983, c. 577, s. 6.)
