(a) The Agency may provide for the issuance at one time or fromtime to time of bonds and notes, including bond anticipation notes and renewalnotes, of the Agency to carry out and effectuate its corporate purposes. Theprincipal of and interest on such bonds or notes shall be payable solely fromfunds provided under this Chapter for such payment. Any bond anticipationnotes may be made payable from the proceeds of bonds or renewal notes or, inthe event bond or renewal note proceeds are not available, notes may be paidfrom any available Agency revenues or other funds provided for this purpose. Bonds and notes may also be paid from the proceeds of any credit facility. Thebonds and notes of each issue shall be dated and may be made redeemable priorto maturity at the option of the Agency or otherwise, at such price or prices,on such date or dates, and upon such terms and conditions as may be determinedby the Agency. The bonds or notes may also be made payable from time to timeon demand or tender for purchase by owner, all upon such terms and conditionsas may be determined by the Agency. Any such bonds or notes shall bearinterest at such rate or rates, including variable rates, as may be determinedby the Local Government Commission with the approval of the Agency.
The Agency may also issue one or more series of bonds and notes,including bond anticipation notes and renewal notes, from time to time, to makeloans to an individual unit of local government upon a determination, byresolution, of the Board as follows:
(1) The issuance of a series of bonds or notes by the Agency inorder to make a loan to an individual unit of local government, as distinctfrom the proceeds of such series of bonds or notes being used to provide a poolof money to make a number of such loans, does not materially adversely affectthe ability of the Agency to effect its general policy of making loans on apooled basis.
(2) The issuance of the series of bonds or notes will noteconomically disadvantage the Agency and will provide an economic benefit tothe individual unit of local government.
(3) The use, if any, of any of the proceeds of the Solid WasteManagement Loan Fund in connection with the Agency financing for an individualunit of local government is consistent with the Agency's use of any proceeds inconnection with loans made on a pooled basis.
Allof the provisions of this Chapter, including, without limitation, G.S. 159I‑13relating to the sources and security that may be used by units of localgovernment in making loans, shall apply to any Agency financing for anindividual unit of local government.
(b) In fixing the details of bonds or notes, the Agency mayprovide that any of the bonds or notes may:
(1) Be made payable from time to time on demand or tender forpurchase by the owner thereof provided a credit facility supports such bonds ornotes, unless the Local Government Commission specifically determines that acredit facility is not required upon a finding and determination by the LocalGovernment Commission that the absence of a credit facility will not materiallyand adversely affect the financial position of the Agency and the marketing ofthe bonds or notes at a reasonable interest cost to the Agency;
(2) Be additionally supported by a credit facility;
(3) Be made subject to redemption or a mandatory tender forpurchase prior to maturity;
(4) Bear interest at a rate or rates that may vary for suchperiod or periods of time, all as may be provided in the proceedings providingfor the issuance of such bonds or notes including, without limitation, suchvariations as may be permitted pursuant to a par formula; and
(5) Be made the subject of a remarketing agreement whereby anattempt is made to remarket the bonds or notes to new purchasers prior to theirpresentment for payment to the provider of the credit facility or to theAgency.
(c) As used in this section:
(1) "Credit facility" means an agreement entered intoby the Agency with a bank, savings and loan association or other banking institution,an insurance company, reinsurance company, surety company or other insuranceinstitution, a corporation, investment banking firm or other investmentinstitution, or any financial institution providing for prompt payment of allor any part of the principal or purchase price (whether at maturity,presentment or tender for purchase, redemption or acceleration), redemptionpremium, if any, and interest on any bonds or notes payable on demand or tenderby the owner, in consideration of the Agency agreeing to repay the provider ofsuch credit facility in accordance with the terms and provisions of suchagreement; the provider of any credit facility may be located either within orwithout the United States of America.
(2) "Par formula" means any provision or formulaadopted by the Agency to provide for the adjustment, from time to time, of theinterest rate or rates borne by any bonds or notes including:
a. A provision providing for the adjustment so that thepurchase price of the bonds or notes in the open market would be as close topar as possible;
b. A provision providing for the adjustment based upon apercentage or percentages of a prime rate or base rate, which percentage orpercentages may vary or be applied for different periods of time; or
c. Such other provisions as the Agency may determine to beconsistent with this Chapter and will not materially and adversely affect thefinancial position of the Agency and the marketing of the bonds or notes at areasonable interest cost to the Agency.
(d) Notes shall mature at such time or times and bonds shallmature, not exceeding 40 years from their date or dates, as may be determinedby the Agency. The Agency shall determine the form and manner of execution ofthe bonds or notes, including any interest coupons to be attached thereto, andshall fix the denomination or denominations and the place or places of paymentof principal and interest, which may be any bank or trust company within orwithout the United States. In case any officer whose signature or a facsimileof whose signature shall appear on any bonds or notes or coupons, if any, shallcease to be this officer before the delivery thereof, this signature or thefacsimile shall nevertheless be valid and sufficient for all purposes the sameas if the officer had remained in office until the delivery and any bond ornote or coupon may bear the facsimile signatures of such persons who at theactual time of the execution thereof shall be the proper officers to signalthough at the date of the bond or note or coupon the persons may not havebeen these officers. The Agency may also provide for the authentication of thebonds or notes by a trustee or other authenticating agent. The bonds or notesmay be issued as certificated or uncertificated obligations or both, and incoupon or in registered form, or both, as the Agency may determine. Provisionmay be made for the registration of any coupon bonds or notes as to principalalone and also as to both principal and interest, and for the reconversion intocoupon bonds or notes of any bonds or notes registered as to both principal andinterest, and for the interchange of registered and coupon bonds or notes. Anysystem for registration may be established as the Agency may determine.
(e) No bonds or notes may be issued by the Agency under thisChapter unless the issuance thereof is approved and the bonds or notes are soldby the Local Government Commission as provided in this Chapter. The Agencyshall file with the Secretary of the Local Government Commission an applicationrequesting approval of the issuance of the bonds or notes which applicationshall contain any such information and shall have attached to it any suchdocuments concerning the proposed financing as the Secretary of the LocalGovernment Commission may require.
In determining whether a proposed bond or note issue should beapproved, the Local Government Commission may consider, to the extentapplicable as shall be determined by the Local Government Commission, thecriteria set forth in G.S. 159‑52 and G.S. 159‑86, as well as theeffect of the proposed financing upon any scheduled or proposed sale ofobligations by the State, by any of its agencies or departments, or by any unitof local government in the State. The Local Government Commission shallapprove the issuance of such bonds or notes if, upon the information andevidence it receives, it finds and determines that the proposed financing willsatisfy such criteria and will effect the purposes of this Chapter.
Upon the filing with the Local Government Commission of a writtenrequest of the Agency requesting that its bonds or notes be sold, the bonds ornotes may be sold by the Local Government Commission in such manner, either atpublic or private sale, and for such price or prices as the Local GovernmentCommission shall determine to be in the best interest of the Agency and toeffect the purposes of this Chapter, provided that the sale shall be approvedby the Agency.
(f) The proceeds of any bonds or notes shall be used solely forthe purposes for which the bonds or notes were issued and shall be disbursed insuch manner and under such restrictions, if any, as the Agency may provide inthe resolution authorizing the issuance of, or in any trust agreement securing,such bonds or notes.
(g) Prior to the preparation of definitive bonds, the Agency mayissue interim receipts or temporary bonds, with or without coupons,exchangeable for definitive bonds when the bonds have been executed and areavailable for delivery. The Agency may also provide for the replacement of anybonds or notes which shall become mutilated or shall be destroyed or lost.
(h) Bonds or notes may be issued under the provision of thisChapter without obtaining, except as otherwise expressly provided in thisChapter, the consent of any department, division, commission, board, body,bureau, or agency of the State and without any other proceedings or thehappening of any conditions or things other than those proceedings, conditions,or things that are specifically required by this Chapter and the provisions ofthe resolution authorizing the issuance of, or any trust agreement securing,such bonds or notes. (1989, c. 756, s. 1; 1989 (Reg. Sess., 1990), c. 1004, ss. 22, 23, c.1024, s. 38(a), (b).)
(a) The Agency may provide for the issuance at one time or fromtime to time of bonds and notes, including bond anticipation notes and renewalnotes, of the Agency to carry out and effectuate its corporate purposes. Theprincipal of and interest on such bonds or notes shall be payable solely fromfunds provided under this Chapter for such payment. Any bond anticipationnotes may be made payable from the proceeds of bonds or renewal notes or, inthe event bond or renewal note proceeds are not available, notes may be paidfrom any available Agency revenues or other funds provided for this purpose. Bonds and notes may also be paid from the proceeds of any credit facility. Thebonds and notes of each issue shall be dated and may be made redeemable priorto maturity at the option of the Agency or otherwise, at such price or prices,on such date or dates, and upon such terms and conditions as may be determinedby the Agency. The bonds or notes may also be made payable from time to timeon demand or tender for purchase by owner, all upon such terms and conditionsas may be determined by the Agency. Any such bonds or notes shall bearinterest at such rate or rates, including variable rates, as may be determinedby the Local Government Commission with the approval of the Agency.
The Agency may also issue one or more series of bonds and notes,including bond anticipation notes and renewal notes, from time to time, to makeloans to an individual unit of local government upon a determination, byresolution, of the Board as follows:
(1) The issuance of a series of bonds or notes by the Agency inorder to make a loan to an individual unit of local government, as distinctfrom the proceeds of such series of bonds or notes being used to provide a poolof money to make a number of such loans, does not materially adversely affectthe ability of the Agency to effect its general policy of making loans on apooled basis.
(2) The issuance of the series of bonds or notes will noteconomically disadvantage the Agency and will provide an economic benefit tothe individual unit of local government.
(3) The use, if any, of any of the proceeds of the Solid WasteManagement Loan Fund in connection with the Agency financing for an individualunit of local government is consistent with the Agency's use of any proceeds inconnection with loans made on a pooled basis.
Allof the provisions of this Chapter, including, without limitation, G.S. 159I‑13relating to the sources and security that may be used by units of localgovernment in making loans, shall apply to any Agency financing for anindividual unit of local government.
(b) In fixing the details of bonds or notes, the Agency mayprovide that any of the bonds or notes may:
(1) Be made payable from time to time on demand or tender forpurchase by the owner thereof provided a credit facility supports such bonds ornotes, unless the Local Government Commission specifically determines that acredit facility is not required upon a finding and determination by the LocalGovernment Commission that the absence of a credit facility will not materiallyand adversely affect the financial position of the Agency and the marketing ofthe bonds or notes at a reasonable interest cost to the Agency;
(2) Be additionally supported by a credit facility;
(3) Be made subject to redemption or a mandatory tender forpurchase prior to maturity;
(4) Bear interest at a rate or rates that may vary for suchperiod or periods of time, all as may be provided in the proceedings providingfor the issuance of such bonds or notes including, without limitation, suchvariations as may be permitted pursuant to a par formula; and
(5) Be made the subject of a remarketing agreement whereby anattempt is made to remarket the bonds or notes to new purchasers prior to theirpresentment for payment to the provider of the credit facility or to theAgency.
(c) As used in this section:
(1) "Credit facility" means an agreement entered intoby the Agency with a bank, savings and loan association or other banking institution,an insurance company, reinsurance company, surety company or other insuranceinstitution, a corporation, investment banking firm or other investmentinstitution, or any financial institution providing for prompt payment of allor any part of the principal or purchase price (whether at maturity,presentment or tender for purchase, redemption or acceleration), redemptionpremium, if any, and interest on any bonds or notes payable on demand or tenderby the owner, in consideration of the Agency agreeing to repay the provider ofsuch credit facility in accordance with the terms and provisions of suchagreement; the provider of any credit facility may be located either within orwithout the United States of America.
(2) "Par formula" means any provision or formulaadopted by the Agency to provide for the adjustment, from time to time, of theinterest rate or rates borne by any bonds or notes including:
a. A provision providing for the adjustment so that thepurchase price of the bonds or notes in the open market would be as close topar as possible;
b. A provision providing for the adjustment based upon apercentage or percentages of a prime rate or base rate, which percentage orpercentages may vary or be applied for different periods of time; or
c. Such other provisions as the Agency may determine to beconsistent with this Chapter and will not materially and adversely affect thefinancial position of the Agency and the marketing of the bonds or notes at areasonable interest cost to the Agency.
(d) Notes shall mature at such time or times and bonds shallmature, not exceeding 40 years from their date or dates, as may be determinedby the Agency. The Agency shall determine the form and manner of execution ofthe bonds or notes, including any interest coupons to be attached thereto, andshall fix the denomination or denominations and the place or places of paymentof principal and interest, which may be any bank or trust company within orwithout the United States. In case any officer whose signature or a facsimileof whose signature shall appear on any bonds or notes or coupons, if any, shallcease to be this officer before the delivery thereof, this signature or thefacsimile shall nevertheless be valid and sufficient for all purposes the sameas if the officer had remained in office until the delivery and any bond ornote or coupon may bear the facsimile signatures of such persons who at theactual time of the execution thereof shall be the proper officers to signalthough at the date of the bond or note or coupon the persons may not havebeen these officers. The Agency may also provide for the authentication of thebonds or notes by a trustee or other authenticating agent. The bonds or notesmay be issued as certificated or uncertificated obligations or both, and incoupon or in registered form, or both, as the Agency may determine. Provisionmay be made for the registration of any coupon bonds or notes as to principalalone and also as to both principal and interest, and for the reconversion intocoupon bonds or notes of any bonds or notes registered as to both principal andinterest, and for the interchange of registered and coupon bonds or notes. Anysystem for registration may be established as the Agency may determine.
(e) No bonds or notes may be issued by the Agency under thisChapter unless the issuance thereof is approved and the bonds or notes are soldby the Local Government Commission as provided in this Chapter. The Agencyshall file with the Secretary of the Local Government Commission an applicationrequesting approval of the issuance of the bonds or notes which applicationshall contain any such information and shall have attached to it any suchdocuments concerning the proposed financing as the Secretary of the LocalGovernment Commission may require.
In determining whether a proposed bond or note issue should beapproved, the Local Government Commission may consider, to the extentapplicable as shall be determined by the Local Government Commission, thecriteria set forth in G.S. 159‑52 and G.S. 159‑86, as well as theeffect of the proposed financing upon any scheduled or proposed sale ofobligations by the State, by any of its agencies or departments, or by any unitof local government in the State. The Local Government Commission shallapprove the issuance of such bonds or notes if, upon the information andevidence it receives, it finds and determines that the proposed financing willsatisfy such criteria and will effect the purposes of this Chapter.
Upon the filing with the Local Government Commission of a writtenrequest of the Agency requesting that its bonds or notes be sold, the bonds ornotes may be sold by the Local Government Commission in such manner, either atpublic or private sale, and for such price or prices as the Local GovernmentCommission shall determine to be in the best interest of the Agency and toeffect the purposes of this Chapter, provided that the sale shall be approvedby the Agency.
(f) The proceeds of any bonds or notes shall be used solely forthe purposes for which the bonds or notes were issued and shall be disbursed insuch manner and under such restrictions, if any, as the Agency may provide inthe resolution authorizing the issuance of, or in any trust agreement securing,such bonds or notes.
(g) Prior to the preparation of definitive bonds, the Agency mayissue interim receipts or temporary bonds, with or without coupons,exchangeable for definitive bonds when the bonds have been executed and areavailable for delivery. The Agency may also provide for the replacement of anybonds or notes which shall become mutilated or shall be destroyed or lost.
(h) Bonds or notes may be issued under the provision of thisChapter without obtaining, except as otherwise expressly provided in thisChapter, the consent of any department, division, commission, board, body,bureau, or agency of the State and without any other proceedings or thehappening of any conditions or things other than those proceedings, conditions,or things that are specifically required by this Chapter and the provisions ofthe resolution authorizing the issuance of, or any trust agreement securing,such bonds or notes. (1989, c. 756, s. 1; 1989 (Reg. Sess., 1990), c. 1004, ss. 22, 23, c.1024, s. 38(a), (b).)
(a) The Agency may provide for the issuance at one time or fromtime to time of bonds and notes, including bond anticipation notes and renewalnotes, of the Agency to carry out and effectuate its corporate purposes. Theprincipal of and interest on such bonds or notes shall be payable solely fromfunds provided under this Chapter for such payment. Any bond anticipationnotes may be made payable from the proceeds of bonds or renewal notes or, inthe event bond or renewal note proceeds are not available, notes may be paidfrom any available Agency revenues or other funds provided for this purpose. Bonds and notes may also be paid from the proceeds of any credit facility. Thebonds and notes of each issue shall be dated and may be made redeemable priorto maturity at the option of the Agency or otherwise, at such price or prices,on such date or dates, and upon such terms and conditions as may be determinedby the Agency. The bonds or notes may also be made payable from time to timeon demand or tender for purchase by owner, all upon such terms and conditionsas may be determined by the Agency. Any such bonds or notes shall bearinterest at such rate or rates, including variable rates, as may be determinedby the Local Government Commission with the approval of the Agency.
The Agency may also issue one or more series of bonds and notes,including bond anticipation notes and renewal notes, from time to time, to makeloans to an individual unit of local government upon a determination, byresolution, of the Board as follows:
(1) The issuance of a series of bonds or notes by the Agency inorder to make a loan to an individual unit of local government, as distinctfrom the proceeds of such series of bonds or notes being used to provide a poolof money to make a number of such loans, does not materially adversely affectthe ability of the Agency to effect its general policy of making loans on apooled basis.
(2) The issuance of the series of bonds or notes will noteconomically disadvantage the Agency and will provide an economic benefit tothe individual unit of local government.
(3) The use, if any, of any of the proceeds of the Solid WasteManagement Loan Fund in connection with the Agency financing for an individualunit of local government is consistent with the Agency's use of any proceeds inconnection with loans made on a pooled basis.
Allof the provisions of this Chapter, including, without limitation, G.S. 159I‑13relating to the sources and security that may be used by units of localgovernment in making loans, shall apply to any Agency financing for anindividual unit of local government.
(b) In fixing the details of bonds or notes, the Agency mayprovide that any of the bonds or notes may:
(1) Be made payable from time to time on demand or tender forpurchase by the owner thereof provided a credit facility supports such bonds ornotes, unless the Local Government Commission specifically determines that acredit facility is not required upon a finding and determination by the LocalGovernment Commission that the absence of a credit facility will not materiallyand adversely affect the financial position of the Agency and the marketing ofthe bonds or notes at a reasonable interest cost to the Agency;
(2) Be additionally supported by a credit facility;
(3) Be made subject to redemption or a mandatory tender forpurchase prior to maturity;
(4) Bear interest at a rate or rates that may vary for suchperiod or periods of time, all as may be provided in the proceedings providingfor the issuance of such bonds or notes including, without limitation, suchvariations as may be permitted pursuant to a par formula; and
(5) Be made the subject of a remarketing agreement whereby anattempt is made to remarket the bonds or notes to new purchasers prior to theirpresentment for payment to the provider of the credit facility or to theAgency.
(c) As used in this section:
(1) "Credit facility" means an agreement entered intoby the Agency with a bank, savings and loan association or other banking institution,an insurance company, reinsurance company, surety company or other insuranceinstitution, a corporation, investment banking firm or other investmentinstitution, or any financial institution providing for prompt payment of allor any part of the principal or purchase price (whether at maturity,presentment or tender for purchase, redemption or acceleration), redemptionpremium, if any, and interest on any bonds or notes payable on demand or tenderby the owner, in consideration of the Agency agreeing to repay the provider ofsuch credit facility in accordance with the terms and provisions of suchagreement; the provider of any credit facility may be located either within orwithout the United States of America.
(2) "Par formula" means any provision or formulaadopted by the Agency to provide for the adjustment, from time to time, of theinterest rate or rates borne by any bonds or notes including:
a. A provision providing for the adjustment so that thepurchase price of the bonds or notes in the open market would be as close topar as possible;
b. A provision providing for the adjustment based upon apercentage or percentages of a prime rate or base rate, which percentage orpercentages may vary or be applied for different periods of time; or
c. Such other provisions as the Agency may determine to beconsistent with this Chapter and will not materially and adversely affect thefinancial position of the Agency and the marketing of the bonds or notes at areasonable interest cost to the Agency.
(d) Notes shall mature at such time or times and bonds shallmature, not exceeding 40 years from their date or dates, as may be determinedby the Agency. The Agency shall determine the form and manner of execution ofthe bonds or notes, including any interest coupons to be attached thereto, andshall fix the denomination or denominations and the place or places of paymentof principal and interest, which may be any bank or trust company within orwithout the United States. In case any officer whose signature or a facsimileof whose signature shall appear on any bonds or notes or coupons, if any, shallcease to be this officer before the delivery thereof, this signature or thefacsimile shall nevertheless be valid and sufficient for all purposes the sameas if the officer had remained in office until the delivery and any bond ornote or coupon may bear the facsimile signatures of such persons who at theactual time of the execution thereof shall be the proper officers to signalthough at the date of the bond or note or coupon the persons may not havebeen these officers. The Agency may also provide for the authentication of thebonds or notes by a trustee or other authenticating agent. The bonds or notesmay be issued as certificated or uncertificated obligations or both, and incoupon or in registered form, or both, as the Agency may determine. Provisionmay be made for the registration of any coupon bonds or notes as to principalalone and also as to both principal and interest, and for the reconversion intocoupon bonds or notes of any bonds or notes registered as to both principal andinterest, and for the interchange of registered and coupon bonds or notes. Anysystem for registration may be established as the Agency may determine.
(e) No bonds or notes may be issued by the Agency under thisChapter unless the issuance thereof is approved and the bonds or notes are soldby the Local Government Commission as provided in this Chapter. The Agencyshall file with the Secretary of the Local Government Commission an applicationrequesting approval of the issuance of the bonds or notes which applicationshall contain any such information and shall have attached to it any suchdocuments concerning the proposed financing as the Secretary of the LocalGovernment Commission may require.
In determining whether a proposed bond or note issue should beapproved, the Local Government Commission may consider, to the extentapplicable as shall be determined by the Local Government Commission, thecriteria set forth in G.S. 159‑52 and G.S. 159‑86, as well as theeffect of the proposed financing upon any scheduled or proposed sale ofobligations by the State, by any of its agencies or departments, or by any unitof local government in the State. The Local Government Commission shallapprove the issuance of such bonds or notes if, upon the information andevidence it receives, it finds and determines that the proposed financing willsatisfy such criteria and will effect the purposes of this Chapter.
Upon the filing with the Local Government Commission of a writtenrequest of the Agency requesting that its bonds or notes be sold, the bonds ornotes may be sold by the Local Government Commission in such manner, either atpublic or private sale, and for such price or prices as the Local GovernmentCommission shall determine to be in the best interest of the Agency and toeffect the purposes of this Chapter, provided that the sale shall be approvedby the Agency.
(f) The proceeds of any bonds or notes shall be used solely forthe purposes for which the bonds or notes were issued and shall be disbursed insuch manner and under such restrictions, if any, as the Agency may provide inthe resolution authorizing the issuance of, or in any trust agreement securing,such bonds or notes.
(g) Prior to the preparation of definitive bonds, the Agency mayissue interim receipts or temporary bonds, with or without coupons,exchangeable for definitive bonds when the bonds have been executed and areavailable for delivery. The Agency may also provide for the replacement of anybonds or notes which shall become mutilated or shall be destroyed or lost.
(h) Bonds or notes may be issued under the provision of thisChapter without obtaining, except as otherwise expressly provided in thisChapter, the consent of any department, division, commission, board, body,bureau, or agency of the State and without any other proceedings or thehappening of any conditions or things other than those proceedings, conditions,or things that are specifically required by this Chapter and the provisions ofthe resolution authorizing the issuance of, or any trust agreement securing,such bonds or notes. (1989, c. 756, s. 1; 1989 (Reg. Sess., 1990), c. 1004, ss. 22, 23, c.1024, s. 38(a), (b).)
