(a) The agency is authorized to fix and to collect fees, loanrepayments, purchase price payments, rents and charges for the use of anyproject, and any part or section of the project and to contract with any participatinginstitution for its use. The agency may require that the participatinginstitution operate, repair or maintain such project and bear the cost andother costs of the agency in connection with the project all as may be providedin the agreement of sale or lease, loan agreement or other contract with theagency, in addition to other obligations imposed under the agreement orcontract.
(b) The fees, loan repayments, purchase price payments, rentsand charges shall be fixed so as to provide a fund sufficient, with any otheravailable funds, (i) to pay the costs of operating, repairing and maintainingthe project to the extent that adequate provision for the payment of such costshas not otherwise been provided for, (ii) to pay the principal of and the intereston all bonds or notes as they become due and payable and (iii) to create andmaintain any reserves provided for in the resolution authorizing the issuanceof, or any trust agreement securing, the bonds. The fees, loan repayments,purchase price payments, rents and charges may be applied or pledged to thepayment of debt service on the bonds prior to the payment of the costs ofoperating, repairing and maintaining the project.
(c) All pledges of fees, loan repayments, purchase pricepayments, rents, charges and other revenues under the provisions of thisArticle are valid and binding from the time when they are made. All revenues sopledged and thereafter received by the agency are immediately subject to thelien of the pledge without any physical delivery or further act, and the lienof the pledge is valid and binding as against all parties having claims of anykind in tort, contract or otherwise against the agency, irrespective of whetherthe parties have notice of it. The resolution or any trust agreement by which apledge is created or any loan agreement, agreement of sale or lease need not befiled or recorded except in the records of the agency.
(d) The State of North Carolina pledges to and agrees with theholders of any bonds or notes issued by the agency that so long as any of thebonds or notes are outstanding and unpaid the State will not limit or alter therights vested in the agency at the time of issuance of the bonds or notes tofix, revise, charge, and collect or cause to be fixed, revised, charged andcollected loan repayments, purchase price payments, rents, fees and charges forthe use of or services rendered by any project in connection with which thebonds or notes were issued, so as to provide a fund sufficient, with any otheravailable funds to pay the costs of operating, repairing and maintaining theproject, to pay the principal of and the interest on all bonds and notes asthey become due and payable, to create and maintain any reserves provided fortheir payment, and to fulfill the terms of any agreements made with thebondholders or noteholders. The State will not in any way impair the rights andremedies of the bondholders or noteholders until the bonds or notes and allcosts and expenses in connection with any action or proceedings by or on behalfof the bondholders or noteholders, are fully paid, met and discharged. (1985 (Reg. Sess., 1986), c. 794, s. 13; 1998‑124,s. 10; 2000‑179, s. 2.)
(a) The agency is authorized to fix and to collect fees, loanrepayments, purchase price payments, rents and charges for the use of anyproject, and any part or section of the project and to contract with any participatinginstitution for its use. The agency may require that the participatinginstitution operate, repair or maintain such project and bear the cost andother costs of the agency in connection with the project all as may be providedin the agreement of sale or lease, loan agreement or other contract with theagency, in addition to other obligations imposed under the agreement orcontract.
(b) The fees, loan repayments, purchase price payments, rentsand charges shall be fixed so as to provide a fund sufficient, with any otheravailable funds, (i) to pay the costs of operating, repairing and maintainingthe project to the extent that adequate provision for the payment of such costshas not otherwise been provided for, (ii) to pay the principal of and the intereston all bonds or notes as they become due and payable and (iii) to create andmaintain any reserves provided for in the resolution authorizing the issuanceof, or any trust agreement securing, the bonds. The fees, loan repayments,purchase price payments, rents and charges may be applied or pledged to thepayment of debt service on the bonds prior to the payment of the costs ofoperating, repairing and maintaining the project.
(c) All pledges of fees, loan repayments, purchase pricepayments, rents, charges and other revenues under the provisions of thisArticle are valid and binding from the time when they are made. All revenues sopledged and thereafter received by the agency are immediately subject to thelien of the pledge without any physical delivery or further act, and the lienof the pledge is valid and binding as against all parties having claims of anykind in tort, contract or otherwise against the agency, irrespective of whetherthe parties have notice of it. The resolution or any trust agreement by which apledge is created or any loan agreement, agreement of sale or lease need not befiled or recorded except in the records of the agency.
(d) The State of North Carolina pledges to and agrees with theholders of any bonds or notes issued by the agency that so long as any of thebonds or notes are outstanding and unpaid the State will not limit or alter therights vested in the agency at the time of issuance of the bonds or notes tofix, revise, charge, and collect or cause to be fixed, revised, charged andcollected loan repayments, purchase price payments, rents, fees and charges forthe use of or services rendered by any project in connection with which thebonds or notes were issued, so as to provide a fund sufficient, with any otheravailable funds to pay the costs of operating, repairing and maintaining theproject, to pay the principal of and the interest on all bonds and notes asthey become due and payable, to create and maintain any reserves provided fortheir payment, and to fulfill the terms of any agreements made with thebondholders or noteholders. The State will not in any way impair the rights andremedies of the bondholders or noteholders until the bonds or notes and allcosts and expenses in connection with any action or proceedings by or on behalfof the bondholders or noteholders, are fully paid, met and discharged. (1985 (Reg. Sess., 1986), c. 794, s. 13; 1998‑124,s. 10; 2000‑179, s. 2.)
(a) The agency is authorized to fix and to collect fees, loanrepayments, purchase price payments, rents and charges for the use of anyproject, and any part or section of the project and to contract with any participatinginstitution for its use. The agency may require that the participatinginstitution operate, repair or maintain such project and bear the cost andother costs of the agency in connection with the project all as may be providedin the agreement of sale or lease, loan agreement or other contract with theagency, in addition to other obligations imposed under the agreement orcontract.
(b) The fees, loan repayments, purchase price payments, rentsand charges shall be fixed so as to provide a fund sufficient, with any otheravailable funds, (i) to pay the costs of operating, repairing and maintainingthe project to the extent that adequate provision for the payment of such costshas not otherwise been provided for, (ii) to pay the principal of and the intereston all bonds or notes as they become due and payable and (iii) to create andmaintain any reserves provided for in the resolution authorizing the issuanceof, or any trust agreement securing, the bonds. The fees, loan repayments,purchase price payments, rents and charges may be applied or pledged to thepayment of debt service on the bonds prior to the payment of the costs ofoperating, repairing and maintaining the project.
(c) All pledges of fees, loan repayments, purchase pricepayments, rents, charges and other revenues under the provisions of thisArticle are valid and binding from the time when they are made. All revenues sopledged and thereafter received by the agency are immediately subject to thelien of the pledge without any physical delivery or further act, and the lienof the pledge is valid and binding as against all parties having claims of anykind in tort, contract or otherwise against the agency, irrespective of whetherthe parties have notice of it. The resolution or any trust agreement by which apledge is created or any loan agreement, agreement of sale or lease need not befiled or recorded except in the records of the agency.
(d) The State of North Carolina pledges to and agrees with theholders of any bonds or notes issued by the agency that so long as any of thebonds or notes are outstanding and unpaid the State will not limit or alter therights vested in the agency at the time of issuance of the bonds or notes tofix, revise, charge, and collect or cause to be fixed, revised, charged andcollected loan repayments, purchase price payments, rents, fees and charges forthe use of or services rendered by any project in connection with which thebonds or notes were issued, so as to provide a fund sufficient, with any otheravailable funds to pay the costs of operating, repairing and maintaining theproject, to pay the principal of and the interest on all bonds and notes asthey become due and payable, to create and maintain any reserves provided fortheir payment, and to fulfill the terms of any agreements made with thebondholders or noteholders. The State will not in any way impair the rights andremedies of the bondholders or noteholders until the bonds or notes and allcosts and expenses in connection with any action or proceedings by or on behalfof the bondholders or noteholders, are fully paid, met and discharged. (1985 (Reg. Sess., 1986), c. 794, s. 13; 1998‑124,s. 10; 2000‑179, s. 2.)
