§ 106‑503.1. Board authorized to construct andfinance facilities and improvements for fair.
(a) Borrowing Money and Issuing Bonds. For the purpose ofbuilding, enlarging and improving the facilities on the properties of the Statefair, the State Board of Agriculture is hereby empowered and authorized toborrow a sum of money not to exceed one hundred thousand dollars ($100,000),and to issue revenue bonds therefor, payable in series at such time or timesand bearing such rate of interest as may be fixed by the Governor and Councilof State: Provided, that no part of the payments of the principal or interestcharges on said loan shall be made out of the general revenue of the State ofNorth Carolina, and the credit of the State of North Carolina and the StateDepartment of Agriculture and Consumer Services or the agricultural fund, otherthan the revenue of the State fair funds, shall not be pledged either directlyor indirectly for the payment of said principal or interest charges. Thereceipts, funds, and any other State fair assets may be pledged as security forthe payment of any bonds that may be issued.
(b) Contracts and Leases; Pledge of Gate Receipts, etc. Forthe further purpose of acquiring, constructing, operating and financing saidproperties and facilities on the North Carolina State fairgrounds, the Board ofAgriculture may enter into such agreements, contracts and leases as may benecessary for the purpose of this section, and may pledge, appropriate, and paysuch sums out of the gate receipts or other revenues coming to the State Boardof Agriculture from the operation of any facilities of the State fair as may berequired to secure, repay, or meet the principal and interest charges on theloan herein authorized. Prior to execution, the Board of Agriculture shallconsult with the Joint Legislative Commission on Governmental Operations on allagreements, contracts, and leases authorized under this subsection. Thepreceding sentence applies only to agreements, contracts, and leases with an estimatedrevenue to the State of one hundred thousand dollars ($100,000) or more.
(c) Gifts and Endowments. The State Board of Agriculture mayreceive gifts and endowments, whether real estate, moneys, goods or chattels,given or bestowed upon or conveyed to them for the benefit of the State fair,and the same shall be administered in accordance with the requirements of thedonors. (1945, c. 1009; 1959, c.1186, s. 3; 1997‑261, s. 109; 2001‑487, s. 71.)
§ 106‑503.1. Board authorized to construct andfinance facilities and improvements for fair.
(a) Borrowing Money and Issuing Bonds. For the purpose ofbuilding, enlarging and improving the facilities on the properties of the Statefair, the State Board of Agriculture is hereby empowered and authorized toborrow a sum of money not to exceed one hundred thousand dollars ($100,000),and to issue revenue bonds therefor, payable in series at such time or timesand bearing such rate of interest as may be fixed by the Governor and Councilof State: Provided, that no part of the payments of the principal or interestcharges on said loan shall be made out of the general revenue of the State ofNorth Carolina, and the credit of the State of North Carolina and the StateDepartment of Agriculture and Consumer Services or the agricultural fund, otherthan the revenue of the State fair funds, shall not be pledged either directlyor indirectly for the payment of said principal or interest charges. Thereceipts, funds, and any other State fair assets may be pledged as security forthe payment of any bonds that may be issued.
(b) Contracts and Leases; Pledge of Gate Receipts, etc. Forthe further purpose of acquiring, constructing, operating and financing saidproperties and facilities on the North Carolina State fairgrounds, the Board ofAgriculture may enter into such agreements, contracts and leases as may benecessary for the purpose of this section, and may pledge, appropriate, and paysuch sums out of the gate receipts or other revenues coming to the State Boardof Agriculture from the operation of any facilities of the State fair as may berequired to secure, repay, or meet the principal and interest charges on theloan herein authorized. Prior to execution, the Board of Agriculture shallconsult with the Joint Legislative Commission on Governmental Operations on allagreements, contracts, and leases authorized under this subsection. Thepreceding sentence applies only to agreements, contracts, and leases with an estimatedrevenue to the State of one hundred thousand dollars ($100,000) or more.
(c) Gifts and Endowments. The State Board of Agriculture mayreceive gifts and endowments, whether real estate, moneys, goods or chattels,given or bestowed upon or conveyed to them for the benefit of the State fair,and the same shall be administered in accordance with the requirements of thedonors. (1945, c. 1009; 1959, c.1186, s. 3; 1997‑261, s. 109; 2001‑487, s. 71.)
§ 106‑503.1. Board authorized to construct andfinance facilities and improvements for fair.
(a) Borrowing Money and Issuing Bonds. For the purpose ofbuilding, enlarging and improving the facilities on the properties of the Statefair, the State Board of Agriculture is hereby empowered and authorized toborrow a sum of money not to exceed one hundred thousand dollars ($100,000),and to issue revenue bonds therefor, payable in series at such time or timesand bearing such rate of interest as may be fixed by the Governor and Councilof State: Provided, that no part of the payments of the principal or interestcharges on said loan shall be made out of the general revenue of the State ofNorth Carolina, and the credit of the State of North Carolina and the StateDepartment of Agriculture and Consumer Services or the agricultural fund, otherthan the revenue of the State fair funds, shall not be pledged either directlyor indirectly for the payment of said principal or interest charges. Thereceipts, funds, and any other State fair assets may be pledged as security forthe payment of any bonds that may be issued.
(b) Contracts and Leases; Pledge of Gate Receipts, etc. Forthe further purpose of acquiring, constructing, operating and financing saidproperties and facilities on the North Carolina State fairgrounds, the Board ofAgriculture may enter into such agreements, contracts and leases as may benecessary for the purpose of this section, and may pledge, appropriate, and paysuch sums out of the gate receipts or other revenues coming to the State Boardof Agriculture from the operation of any facilities of the State fair as may berequired to secure, repay, or meet the principal and interest charges on theloan herein authorized. Prior to execution, the Board of Agriculture shallconsult with the Joint Legislative Commission on Governmental Operations on allagreements, contracts, and leases authorized under this subsection. Thepreceding sentence applies only to agreements, contracts, and leases with an estimatedrevenue to the State of one hundred thousand dollars ($100,000) or more.
(c) Gifts and Endowments. The State Board of Agriculture mayreceive gifts and endowments, whether real estate, moneys, goods or chattels,given or bestowed upon or conveyed to them for the benefit of the State fair,and the same shall be administered in accordance with the requirements of thedonors. (1945, c. 1009; 1959, c.1186, s. 3; 1997‑261, s. 109; 2001‑487, s. 71.)
