The Agency is herebyauthorized to provide for the issuance, at one time or from time to time, ofbonds and notes of the Agency to carry out and effectuate its corporatepurposes. The Agency also is hereby authorized to provide for the issuance, atone time or from time to time of (i) bond anticipation notes in anticipation ofthe issuance of such bonds and (ii) construction loan notes to finance themaking or purchase of mortgage loans to sponsors of residential housing for theconstruction, rehabilitation or improvement of residential housing. The totalamount of bonds, bond anticipation notes, and construction loan notesoutstanding at any one time shall not exceed three billion dollars($3,000,000,000) excluding therefrom any bond anticipation notes for thepayment of which bonds have been issued. The principal of and the interest onsuch bonds or notes shall be payable solely from the funds herein provided forsuch payment. Any such notes may be made payable from the proceeds of bonds orrenewal notes or, in the event bond or renewal note proceeds are not available,such notes may be paid from any available revenues or assets of the Agency. Thebonds or notes of each issue shall be dated and may be made redeemable beforematurity at the option of the Agency at such price or prices and under suchterms and conditions as may be determined by the Agency. Any such bonds ornotes shall bear interest at such rate or rates as may be determined by theLocal Government Commission of North Carolina with the approval of the Agency.Notes shall mature at such time or times not exceeding 10 years from their dateor dates and bonds shall mature at such time or times not exceeding 43 yearsfrom their date or dates, as may be determined by the Agency. The Agency shalldetermine the form and manner of execution of the bonds or notes, including anyinterest coupons to be attached thereto, and shall fix the denomination ordenominations and the place or places of payment of principal and interest, whichmay be any bank or trust company within or without the State. In case anyofficer whose signature or a facsimile of whose signature shall appear on anybonds or notes or coupons attached thereto shall cease to be such officerbefore the delivery thereof, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes the same as if he hadremained in office until such delivery. The Agency may also provide for theauthentication of the bonds or notes by a trustee or fiscal agent. The bonds ornotes may be issued in coupon or in registered form, or both, as the Agency maydetermine, and provision may be made for the registration of any coupon bondsor notes as to principal alone and also as to both principal and interest, and forthe reconversion into coupon bonds or notes of any bonds or notes registered asto both principal and interest, and for the interchange of registered andcoupon bonds or notes. Upon the filing with the Local Government Commission ofNorth Carolina of a resolution of the Agency requesting that its bonds andnotes be sold, such bonds or notes may be sold in such manner, either at publicor private sale, and for such price as the Commission shall determine to be forthe best interest of the Agency and best effectuate the purposes of thisChapter, as long as the sale is approved by the Agency.
The proceeds of any bonds ornotes shall be used solely for the purposes for which issued and shall bedisbursed in such manner and under such restrictions, if any, as the Agency mayprovide in the resolution authorizing the issuance of such bonds or notes or inthe trust agreement hereinafter mentioned securing the same.
Prior to the preparation ofdefinitive bonds, the Agency may, under like restrictions, issue interimreceipts or temporary bonds, with or without coupons, exchangeable fordefinitive bonds when such bonds shall have been executed and are available fordelivery. The Agency may also provide for the replacement of any bonds or noteswhich shall become mutilated or shall be destroyed or lost.
Bonds or notes may be issuedunder the provisions of this Chapter without obtaining, except as otherwiseexpressly provided in this Chapter, the consent of any department, division,commission, board, body, bureau or agency of the State, and without any otherproceedings or the happening of any conditions or things other than thoseproceedings, conditions or things which are specifically required by thisChapter and the provisions of the resolution authorizing the issuance of suchbonds or notes or the trust agreement securing the same. (1969, c. 1235, s. 8; 1973,c. 1296, s. 48; 1979, c. 844; 1979, 2nd Sess., c. 1238, s. 2; 1981, c. 343;1983 (Reg. Sess., 1984), c. 1062, s. 2; 1985, c. 769, s. 2; 1997‑13, s.1; 2001‑185, s. 1.)
The Agency is herebyauthorized to provide for the issuance, at one time or from time to time, ofbonds and notes of the Agency to carry out and effectuate its corporatepurposes. The Agency also is hereby authorized to provide for the issuance, atone time or from time to time of (i) bond anticipation notes in anticipation ofthe issuance of such bonds and (ii) construction loan notes to finance themaking or purchase of mortgage loans to sponsors of residential housing for theconstruction, rehabilitation or improvement of residential housing. The totalamount of bonds, bond anticipation notes, and construction loan notesoutstanding at any one time shall not exceed three billion dollars($3,000,000,000) excluding therefrom any bond anticipation notes for thepayment of which bonds have been issued. The principal of and the interest onsuch bonds or notes shall be payable solely from the funds herein provided forsuch payment. Any such notes may be made payable from the proceeds of bonds orrenewal notes or, in the event bond or renewal note proceeds are not available,such notes may be paid from any available revenues or assets of the Agency. Thebonds or notes of each issue shall be dated and may be made redeemable beforematurity at the option of the Agency at such price or prices and under suchterms and conditions as may be determined by the Agency. Any such bonds ornotes shall bear interest at such rate or rates as may be determined by theLocal Government Commission of North Carolina with the approval of the Agency.Notes shall mature at such time or times not exceeding 10 years from their dateor dates and bonds shall mature at such time or times not exceeding 43 yearsfrom their date or dates, as may be determined by the Agency. The Agency shalldetermine the form and manner of execution of the bonds or notes, including anyinterest coupons to be attached thereto, and shall fix the denomination ordenominations and the place or places of payment of principal and interest, whichmay be any bank or trust company within or without the State. In case anyofficer whose signature or a facsimile of whose signature shall appear on anybonds or notes or coupons attached thereto shall cease to be such officerbefore the delivery thereof, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes the same as if he hadremained in office until such delivery. The Agency may also provide for theauthentication of the bonds or notes by a trustee or fiscal agent. The bonds ornotes may be issued in coupon or in registered form, or both, as the Agency maydetermine, and provision may be made for the registration of any coupon bondsor notes as to principal alone and also as to both principal and interest, and forthe reconversion into coupon bonds or notes of any bonds or notes registered asto both principal and interest, and for the interchange of registered andcoupon bonds or notes. Upon the filing with the Local Government Commission ofNorth Carolina of a resolution of the Agency requesting that its bonds andnotes be sold, such bonds or notes may be sold in such manner, either at publicor private sale, and for such price as the Commission shall determine to be forthe best interest of the Agency and best effectuate the purposes of thisChapter, as long as the sale is approved by the Agency.
The proceeds of any bonds ornotes shall be used solely for the purposes for which issued and shall bedisbursed in such manner and under such restrictions, if any, as the Agency mayprovide in the resolution authorizing the issuance of such bonds or notes or inthe trust agreement hereinafter mentioned securing the same.
Prior to the preparation ofdefinitive bonds, the Agency may, under like restrictions, issue interimreceipts or temporary bonds, with or without coupons, exchangeable fordefinitive bonds when such bonds shall have been executed and are available fordelivery. The Agency may also provide for the replacement of any bonds or noteswhich shall become mutilated or shall be destroyed or lost.
Bonds or notes may be issuedunder the provisions of this Chapter without obtaining, except as otherwiseexpressly provided in this Chapter, the consent of any department, division,commission, board, body, bureau or agency of the State, and without any otherproceedings or the happening of any conditions or things other than thoseproceedings, conditions or things which are specifically required by thisChapter and the provisions of the resolution authorizing the issuance of suchbonds or notes or the trust agreement securing the same. (1969, c. 1235, s. 8; 1973,c. 1296, s. 48; 1979, c. 844; 1979, 2nd Sess., c. 1238, s. 2; 1981, c. 343;1983 (Reg. Sess., 1984), c. 1062, s. 2; 1985, c. 769, s. 2; 1997‑13, s.1; 2001‑185, s. 1.)
The Agency is herebyauthorized to provide for the issuance, at one time or from time to time, ofbonds and notes of the Agency to carry out and effectuate its corporatepurposes. The Agency also is hereby authorized to provide for the issuance, atone time or from time to time of (i) bond anticipation notes in anticipation ofthe issuance of such bonds and (ii) construction loan notes to finance themaking or purchase of mortgage loans to sponsors of residential housing for theconstruction, rehabilitation or improvement of residential housing. The totalamount of bonds, bond anticipation notes, and construction loan notesoutstanding at any one time shall not exceed three billion dollars($3,000,000,000) excluding therefrom any bond anticipation notes for thepayment of which bonds have been issued. The principal of and the interest onsuch bonds or notes shall be payable solely from the funds herein provided forsuch payment. Any such notes may be made payable from the proceeds of bonds orrenewal notes or, in the event bond or renewal note proceeds are not available,such notes may be paid from any available revenues or assets of the Agency. Thebonds or notes of each issue shall be dated and may be made redeemable beforematurity at the option of the Agency at such price or prices and under suchterms and conditions as may be determined by the Agency. Any such bonds ornotes shall bear interest at such rate or rates as may be determined by theLocal Government Commission of North Carolina with the approval of the Agency.Notes shall mature at such time or times not exceeding 10 years from their dateor dates and bonds shall mature at such time or times not exceeding 43 yearsfrom their date or dates, as may be determined by the Agency. The Agency shalldetermine the form and manner of execution of the bonds or notes, including anyinterest coupons to be attached thereto, and shall fix the denomination ordenominations and the place or places of payment of principal and interest, whichmay be any bank or trust company within or without the State. In case anyofficer whose signature or a facsimile of whose signature shall appear on anybonds or notes or coupons attached thereto shall cease to be such officerbefore the delivery thereof, such signature or such facsimile shallnevertheless be valid and sufficient for all purposes the same as if he hadremained in office until such delivery. The Agency may also provide for theauthentication of the bonds or notes by a trustee or fiscal agent. The bonds ornotes may be issued in coupon or in registered form, or both, as the Agency maydetermine, and provision may be made for the registration of any coupon bondsor notes as to principal alone and also as to both principal and interest, and forthe reconversion into coupon bonds or notes of any bonds or notes registered asto both principal and interest, and for the interchange of registered andcoupon bonds or notes. Upon the filing with the Local Government Commission ofNorth Carolina of a resolution of the Agency requesting that its bonds andnotes be sold, such bonds or notes may be sold in such manner, either at publicor private sale, and for such price as the Commission shall determine to be forthe best interest of the Agency and best effectuate the purposes of thisChapter, as long as the sale is approved by the Agency.
The proceeds of any bonds ornotes shall be used solely for the purposes for which issued and shall bedisbursed in such manner and under such restrictions, if any, as the Agency mayprovide in the resolution authorizing the issuance of such bonds or notes or inthe trust agreement hereinafter mentioned securing the same.
Prior to the preparation ofdefinitive bonds, the Agency may, under like restrictions, issue interimreceipts or temporary bonds, with or without coupons, exchangeable fordefinitive bonds when such bonds shall have been executed and are available fordelivery. The Agency may also provide for the replacement of any bonds or noteswhich shall become mutilated or shall be destroyed or lost.
Bonds or notes may be issuedunder the provisions of this Chapter without obtaining, except as otherwiseexpressly provided in this Chapter, the consent of any department, division,commission, board, body, bureau or agency of the State, and without any otherproceedings or the happening of any conditions or things other than thoseproceedings, conditions or things which are specifically required by thisChapter and the provisions of the resolution authorizing the issuance of suchbonds or notes or the trust agreement securing the same. (1969, c. 1235, s. 8; 1973,c. 1296, s. 48; 1979, c. 844; 1979, 2nd Sess., c. 1238, s. 2; 1981, c. 343;1983 (Reg. Sess., 1984), c. 1062, s. 2; 1985, c. 769, s. 2; 1997‑13, s.1; 2001‑185, s. 1.)
