(a) The Agency may issue bonds and notes for the purposes ofrefunding any bonds or notes issued pursuant to this Chapter, including thepayment of any redemption premium thereon and any interest accrued or to accrueto the date of redemption or maturity of such bonds or notes, and, if deemedadvisable by the Agency, for any additional corporate purposes of the Agency.
Any such refunding bonds or notes may bear interest at rates, includingvariable rates as authorized in G.S. 159I‑15, lower, the same as, orhigher than and have maturities shorter than, the same as, or longer than thebonds or notes being refunded. The proceeds of any such refunding bonds ornotes may be applied:
(1) To the payment and retirement of the bonds or notes beingrefunded by direct application to such payment and retirement;
(2) To the payment and retirement of the bonds or notes beingrefunded by the deposit in trust of such proceeds;
(3) To the payment of any expenses incurred in connection withsuch refunding; and
(4) For any other uses not inconsistent with such refunding.
(b) Any money so held in trust may be invested in:
(1) Direct obligations of the United States of America.
(2) Obligations, the principal of and the interest on which areguaranteed by the United States of America.
(3) Evidences of ownership of a proportionate interest inspecified obligations described in subdivision (1) and (2) of this subsection,which obligations are held by a bank or trust company organized and existingunder the laws of the United States of America or any state thereof in thecapacity of custodian.
(4) Obligations of the State or local governments of the State,provision for the payment of the principal of and interest on which obligationsshall have been made by deposit with a trustee or escrow agent of obligationsdescribed in subdivisions (1), (2) or (3) of this subsection, the maturingprincipal of any interest on which, when due and payable, shall providesufficient money with any other money held in trust for such purpose to pay theprincipal of, premium, if any, and interest on such obligations of the State orunits of local government and which are rated in the highest category byStandard & Poor's Corporation and Moody's Investors Service.
(5) Obligations of the State or local governments of the State,the principal of and interest on which, when due and payable, have been insuredby a bond insurance company which is rated in the highest category by Standard& Poor's Corporation and Moody's Investors Service.
(6) Full faith and credit obligations of the State or localgovernments of the State, which are rated in the highest category by Standard& Poor's Corporation and Moody's Investors Service.
(7) Any obligations or investments in which the State Treasureris authorized, at the time of such investment, to invest funds of the State.
The proceedings providing for the issuance of any refunding bonds ornotes may limit the investments in which the proceeds of a particular refundingissue may be invested.
(c) Nothing in this section shall be construed as a limitationon:
(1) The duration of any deposit in trust for the retirement ofbonds or notes being refunded, but which shall not have matured and which shallnot be then redeemable or, if then redeemable, shall not have been called forredemption; or
(2) The power to issue bonds or notes for the combined purposeof refunding bonds or notes and providing moneys for any corporate purpose asprovided in this Chapter. (1989, c. 756, s. 1.)
(a) The Agency may issue bonds and notes for the purposes ofrefunding any bonds or notes issued pursuant to this Chapter, including thepayment of any redemption premium thereon and any interest accrued or to accrueto the date of redemption or maturity of such bonds or notes, and, if deemedadvisable by the Agency, for any additional corporate purposes of the Agency.
Any such refunding bonds or notes may bear interest at rates, includingvariable rates as authorized in G.S. 159I‑15, lower, the same as, orhigher than and have maturities shorter than, the same as, or longer than thebonds or notes being refunded. The proceeds of any such refunding bonds ornotes may be applied:
(1) To the payment and retirement of the bonds or notes beingrefunded by direct application to such payment and retirement;
(2) To the payment and retirement of the bonds or notes beingrefunded by the deposit in trust of such proceeds;
(3) To the payment of any expenses incurred in connection withsuch refunding; and
(4) For any other uses not inconsistent with such refunding.
(b) Any money so held in trust may be invested in:
(1) Direct obligations of the United States of America.
(2) Obligations, the principal of and the interest on which areguaranteed by the United States of America.
(3) Evidences of ownership of a proportionate interest inspecified obligations described in subdivision (1) and (2) of this subsection,which obligations are held by a bank or trust company organized and existingunder the laws of the United States of America or any state thereof in thecapacity of custodian.
(4) Obligations of the State or local governments of the State,provision for the payment of the principal of and interest on which obligationsshall have been made by deposit with a trustee or escrow agent of obligationsdescribed in subdivisions (1), (2) or (3) of this subsection, the maturingprincipal of any interest on which, when due and payable, shall providesufficient money with any other money held in trust for such purpose to pay theprincipal of, premium, if any, and interest on such obligations of the State orunits of local government and which are rated in the highest category byStandard & Poor's Corporation and Moody's Investors Service.
(5) Obligations of the State or local governments of the State,the principal of and interest on which, when due and payable, have been insuredby a bond insurance company which is rated in the highest category by Standard& Poor's Corporation and Moody's Investors Service.
(6) Full faith and credit obligations of the State or localgovernments of the State, which are rated in the highest category by Standard& Poor's Corporation and Moody's Investors Service.
(7) Any obligations or investments in which the State Treasureris authorized, at the time of such investment, to invest funds of the State.
The proceedings providing for the issuance of any refunding bonds ornotes may limit the investments in which the proceeds of a particular refundingissue may be invested.
(c) Nothing in this section shall be construed as a limitationon:
(1) The duration of any deposit in trust for the retirement ofbonds or notes being refunded, but which shall not have matured and which shallnot be then redeemable or, if then redeemable, shall not have been called forredemption; or
(2) The power to issue bonds or notes for the combined purposeof refunding bonds or notes and providing moneys for any corporate purpose asprovided in this Chapter. (1989, c. 756, s. 1.)
(a) The Agency may issue bonds and notes for the purposes ofrefunding any bonds or notes issued pursuant to this Chapter, including thepayment of any redemption premium thereon and any interest accrued or to accrueto the date of redemption or maturity of such bonds or notes, and, if deemedadvisable by the Agency, for any additional corporate purposes of the Agency.
Any such refunding bonds or notes may bear interest at rates, includingvariable rates as authorized in G.S. 159I‑15, lower, the same as, orhigher than and have maturities shorter than, the same as, or longer than thebonds or notes being refunded. The proceeds of any such refunding bonds ornotes may be applied:
(1) To the payment and retirement of the bonds or notes beingrefunded by direct application to such payment and retirement;
(2) To the payment and retirement of the bonds or notes beingrefunded by the deposit in trust of such proceeds;
(3) To the payment of any expenses incurred in connection withsuch refunding; and
(4) For any other uses not inconsistent with such refunding.
(b) Any money so held in trust may be invested in:
(1) Direct obligations of the United States of America.
(2) Obligations, the principal of and the interest on which areguaranteed by the United States of America.
(3) Evidences of ownership of a proportionate interest inspecified obligations described in subdivision (1) and (2) of this subsection,which obligations are held by a bank or trust company organized and existingunder the laws of the United States of America or any state thereof in thecapacity of custodian.
(4) Obligations of the State or local governments of the State,provision for the payment of the principal of and interest on which obligationsshall have been made by deposit with a trustee or escrow agent of obligationsdescribed in subdivisions (1), (2) or (3) of this subsection, the maturingprincipal of any interest on which, when due and payable, shall providesufficient money with any other money held in trust for such purpose to pay theprincipal of, premium, if any, and interest on such obligations of the State orunits of local government and which are rated in the highest category byStandard & Poor's Corporation and Moody's Investors Service.
(5) Obligations of the State or local governments of the State,the principal of and interest on which, when due and payable, have been insuredby a bond insurance company which is rated in the highest category by Standard& Poor's Corporation and Moody's Investors Service.
(6) Full faith and credit obligations of the State or localgovernments of the State, which are rated in the highest category by Standard& Poor's Corporation and Moody's Investors Service.
(7) Any obligations or investments in which the State Treasureris authorized, at the time of such investment, to invest funds of the State.
The proceedings providing for the issuance of any refunding bonds ornotes may limit the investments in which the proceeds of a particular refundingissue may be invested.
(c) Nothing in this section shall be construed as a limitationon:
(1) The duration of any deposit in trust for the retirement ofbonds or notes being refunded, but which shall not have matured and which shallnot be then redeemable or, if then redeemable, shall not have been called forredemption; or
(2) The power to issue bonds or notes for the combined purposeof refunding bonds or notes and providing moneys for any corporate purpose asprovided in this Chapter. (1989, c. 756, s. 1.)
