State Codes and Statutes

Statutes > North-carolina > Chapter_122D > GS_122D-10

§122D‑10.  Bonds of the Authority.

(a)        The Authority mayissue from time to time bonds, notes, bond anticipation notes, renewal notes,refunding bonds, interim certificates, certificates of indebtedness,debentures, warrants, commercial paper or other obligations or evidences ofindebtedness, hereinafter collectively referred to as "bonds", toprovide funds for and to fulfill and achieve its authorized public functions orcorporate purposes, as set forth in this Chapter, including, but not limitedto, the purchase of agricultural loans from lending institutions, the making ofloans to or deposits with lending institutions, the payment of interest onbonds of the Authority, the establishment of reserves to secure such bonds, theestablishment of reserves with respect to the insurance of agricultural loans,and all other purposes and expenditures of the Authority incident to andnecessary or convenient to carry out its public functions or corporatepurposes.

(b)        Except as mayotherwise be provided by the Authority, all bonds issued by the Authority shallbe negotiable instruments and may be general obligations of the Authority,secured by the full faith and credit of the Authority and payable out of anymoney, assets or revenues of the Authority or from any other sources whatsoeverthat may be available to the Authority. Obligations issued under the provisionsof this Chapter shall not be deemed to constitute a debt, liability orobligation of the State or of any political subdivision thereof or a pledge ofthe faith and credit of the State or of any such political subdivision, butshall be payable solely from the revenues or assets of the Authority. Eachobligation issued under this Chapter shall contain on the face thereof astatement to the effect that the Authority shall not be obligated to pay thesame nor the interest thereon except from the revenues or assets pledgedtherefor and that neither the faith and credit nor the taxing power of theState or of any political subdivision thereof is pledged to the payment of theprincipal of or the interest on such obligation.

(c)        Bonds shall beauthorized, issued and sold by a resolution or resolutions of the Authorityadopted as provided in this Chapter. Such bonds may be of such series, bearsuch date or dates, mature at such time or times, bear interest at such rate orrates including variable, adjustable or zero interest rates, be payable at suchtime or times, be in such denominations, be sold at such price or prices, atpublic or private negotiated sale, be in such form, carry such registration andexchangeability privileges, be payable at such place or places, be subject tosuch terms of redemption, and be entitled to such priorities on the income,revenue and receipts of, or available to, the Authority as may be provided bythe Authority in the resolution or resolutions providing for the issuance andsale of the bonds of the Authority.

(d)        The bonds of theAuthority shall be signed by such members or officers of the Authority, byeither manual or facsimile signatures, as shall be determined by resolution orresolutions of the Authority, and shall have impressed or imprinted thereon theseal of the Authority, or a facsimile thereof. The coupons attached to couponbonds of the Authority shall bear the facsimile signature of such member orofficer of the Authority as shall be determined by resolution or resolutions ofthe Authority. The Authority may also provide for the authentication of thebonds, notes or coupons by a trustee or fiscal agent.

(e)        Any bonds of the Authoritymay be validly issued, sold and delivered, notwithstanding that one or more ofthe members or officers of the Authority signing such bonds, or whose facsimilesignature or signatures may be on the bonds or on coupons, shall have ceased tobe such member or officer of the Authority at the time such bonds shallactually have been delivered.

(f)         Bonds of theAuthority may be sold for such price in such manner and from time to time asmay be determined by the Authority to be most beneficial, and the Authority maypay all expenses, premiums, fees or commissions which it may deem necessary oradvantageous in connection with the issuance and sale thereof, subject to theprovisions of this Chapter.

(g)        The bonds or notesmay 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, andfor the reconversion into coupon bonds or notes of any bonds or notesregistered as to both principal and interest, and for the interchange ofregistered and coupon bonds or notes.

(h)        Prior to thepreparation of definitive bonds, the Authority may, under like restrictions,issue interim receipts or temporary bonds, with or without coupons,exchangeable for definitive bonds when such bonds shall have been executed andare available for delivery. The Authority may also provide for the replacementof any bonds or notes which shall become mutilated or shall be destroyed orlost.

(i)         Bonds or notes maybe issued under the provisions of this Chapter without obtaining, except asotherwise expressly provided in this Chapter, the consent of any department,division, commission, board, body, bureau or agency of the State, and withoutany other proceedings or the happening of any conditions or things other thanthose proceedings, 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. (1983,c. 789, s. 1; 1985 (Reg. Sess., 1986), c. 1011, s. 1; 1989, c. 500, s. 109(e);1989 (Reg. Sess., 1990), c. 1000, s. 1.)

State Codes and Statutes

Statutes > North-carolina > Chapter_122D > GS_122D-10

§122D‑10.  Bonds of the Authority.

(a)        The Authority mayissue from time to time bonds, notes, bond anticipation notes, renewal notes,refunding bonds, interim certificates, certificates of indebtedness,debentures, warrants, commercial paper or other obligations or evidences ofindebtedness, hereinafter collectively referred to as "bonds", toprovide funds for and to fulfill and achieve its authorized public functions orcorporate purposes, as set forth in this Chapter, including, but not limitedto, the purchase of agricultural loans from lending institutions, the making ofloans to or deposits with lending institutions, the payment of interest onbonds of the Authority, the establishment of reserves to secure such bonds, theestablishment of reserves with respect to the insurance of agricultural loans,and all other purposes and expenditures of the Authority incident to andnecessary or convenient to carry out its public functions or corporatepurposes.

(b)        Except as mayotherwise be provided by the Authority, all bonds issued by the Authority shallbe negotiable instruments and may be general obligations of the Authority,secured by the full faith and credit of the Authority and payable out of anymoney, assets or revenues of the Authority or from any other sources whatsoeverthat may be available to the Authority. Obligations issued under the provisionsof this Chapter shall not be deemed to constitute a debt, liability orobligation of the State or of any political subdivision thereof or a pledge ofthe faith and credit of the State or of any such political subdivision, butshall be payable solely from the revenues or assets of the Authority. Eachobligation issued under this Chapter shall contain on the face thereof astatement to the effect that the Authority shall not be obligated to pay thesame nor the interest thereon except from the revenues or assets pledgedtherefor and that neither the faith and credit nor the taxing power of theState or of any political subdivision thereof is pledged to the payment of theprincipal of or the interest on such obligation.

(c)        Bonds shall beauthorized, issued and sold by a resolution or resolutions of the Authorityadopted as provided in this Chapter. Such bonds may be of such series, bearsuch date or dates, mature at such time or times, bear interest at such rate orrates including variable, adjustable or zero interest rates, be payable at suchtime or times, be in such denominations, be sold at such price or prices, atpublic or private negotiated sale, be in such form, carry such registration andexchangeability privileges, be payable at such place or places, be subject tosuch terms of redemption, and be entitled to such priorities on the income,revenue and receipts of, or available to, the Authority as may be provided bythe Authority in the resolution or resolutions providing for the issuance andsale of the bonds of the Authority.

(d)        The bonds of theAuthority shall be signed by such members or officers of the Authority, byeither manual or facsimile signatures, as shall be determined by resolution orresolutions of the Authority, and shall have impressed or imprinted thereon theseal of the Authority, or a facsimile thereof. The coupons attached to couponbonds of the Authority shall bear the facsimile signature of such member orofficer of the Authority as shall be determined by resolution or resolutions ofthe Authority. The Authority may also provide for the authentication of thebonds, notes or coupons by a trustee or fiscal agent.

(e)        Any bonds of the Authoritymay be validly issued, sold and delivered, notwithstanding that one or more ofthe members or officers of the Authority signing such bonds, or whose facsimilesignature or signatures may be on the bonds or on coupons, shall have ceased tobe such member or officer of the Authority at the time such bonds shallactually have been delivered.

(f)         Bonds of theAuthority may be sold for such price in such manner and from time to time asmay be determined by the Authority to be most beneficial, and the Authority maypay all expenses, premiums, fees or commissions which it may deem necessary oradvantageous in connection with the issuance and sale thereof, subject to theprovisions of this Chapter.

(g)        The bonds or notesmay 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, andfor the reconversion into coupon bonds or notes of any bonds or notesregistered as to both principal and interest, and for the interchange ofregistered and coupon bonds or notes.

(h)        Prior to thepreparation of definitive bonds, the Authority may, under like restrictions,issue interim receipts or temporary bonds, with or without coupons,exchangeable for definitive bonds when such bonds shall have been executed andare available for delivery. The Authority may also provide for the replacementof any bonds or notes which shall become mutilated or shall be destroyed orlost.

(i)         Bonds or notes maybe issued under the provisions of this Chapter without obtaining, except asotherwise expressly provided in this Chapter, the consent of any department,division, commission, board, body, bureau or agency of the State, and withoutany other proceedings or the happening of any conditions or things other thanthose proceedings, 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. (1983,c. 789, s. 1; 1985 (Reg. Sess., 1986), c. 1011, s. 1; 1989, c. 500, s. 109(e);1989 (Reg. Sess., 1990), c. 1000, s. 1.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_122D > GS_122D-10

§122D‑10.  Bonds of the Authority.

(a)        The Authority mayissue from time to time bonds, notes, bond anticipation notes, renewal notes,refunding bonds, interim certificates, certificates of indebtedness,debentures, warrants, commercial paper or other obligations or evidences ofindebtedness, hereinafter collectively referred to as "bonds", toprovide funds for and to fulfill and achieve its authorized public functions orcorporate purposes, as set forth in this Chapter, including, but not limitedto, the purchase of agricultural loans from lending institutions, the making ofloans to or deposits with lending institutions, the payment of interest onbonds of the Authority, the establishment of reserves to secure such bonds, theestablishment of reserves with respect to the insurance of agricultural loans,and all other purposes and expenditures of the Authority incident to andnecessary or convenient to carry out its public functions or corporatepurposes.

(b)        Except as mayotherwise be provided by the Authority, all bonds issued by the Authority shallbe negotiable instruments and may be general obligations of the Authority,secured by the full faith and credit of the Authority and payable out of anymoney, assets or revenues of the Authority or from any other sources whatsoeverthat may be available to the Authority. Obligations issued under the provisionsof this Chapter shall not be deemed to constitute a debt, liability orobligation of the State or of any political subdivision thereof or a pledge ofthe faith and credit of the State or of any such political subdivision, butshall be payable solely from the revenues or assets of the Authority. Eachobligation issued under this Chapter shall contain on the face thereof astatement to the effect that the Authority shall not be obligated to pay thesame nor the interest thereon except from the revenues or assets pledgedtherefor and that neither the faith and credit nor the taxing power of theState or of any political subdivision thereof is pledged to the payment of theprincipal of or the interest on such obligation.

(c)        Bonds shall beauthorized, issued and sold by a resolution or resolutions of the Authorityadopted as provided in this Chapter. Such bonds may be of such series, bearsuch date or dates, mature at such time or times, bear interest at such rate orrates including variable, adjustable or zero interest rates, be payable at suchtime or times, be in such denominations, be sold at such price or prices, atpublic or private negotiated sale, be in such form, carry such registration andexchangeability privileges, be payable at such place or places, be subject tosuch terms of redemption, and be entitled to such priorities on the income,revenue and receipts of, or available to, the Authority as may be provided bythe Authority in the resolution or resolutions providing for the issuance andsale of the bonds of the Authority.

(d)        The bonds of theAuthority shall be signed by such members or officers of the Authority, byeither manual or facsimile signatures, as shall be determined by resolution orresolutions of the Authority, and shall have impressed or imprinted thereon theseal of the Authority, or a facsimile thereof. The coupons attached to couponbonds of the Authority shall bear the facsimile signature of such member orofficer of the Authority as shall be determined by resolution or resolutions ofthe Authority. The Authority may also provide for the authentication of thebonds, notes or coupons by a trustee or fiscal agent.

(e)        Any bonds of the Authoritymay be validly issued, sold and delivered, notwithstanding that one or more ofthe members or officers of the Authority signing such bonds, or whose facsimilesignature or signatures may be on the bonds or on coupons, shall have ceased tobe such member or officer of the Authority at the time such bonds shallactually have been delivered.

(f)         Bonds of theAuthority may be sold for such price in such manner and from time to time asmay be determined by the Authority to be most beneficial, and the Authority maypay all expenses, premiums, fees or commissions which it may deem necessary oradvantageous in connection with the issuance and sale thereof, subject to theprovisions of this Chapter.

(g)        The bonds or notesmay 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, andfor the reconversion into coupon bonds or notes of any bonds or notesregistered as to both principal and interest, and for the interchange ofregistered and coupon bonds or notes.

(h)        Prior to thepreparation of definitive bonds, the Authority may, under like restrictions,issue interim receipts or temporary bonds, with or without coupons,exchangeable for definitive bonds when such bonds shall have been executed andare available for delivery. The Authority may also provide for the replacementof any bonds or notes which shall become mutilated or shall be destroyed orlost.

(i)         Bonds or notes maybe issued under the provisions of this Chapter without obtaining, except asotherwise expressly provided in this Chapter, the consent of any department,division, commission, board, body, bureau or agency of the State, and withoutany other proceedings or the happening of any conditions or things other thanthose proceedings, 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. (1983,c. 789, s. 1; 1985 (Reg. Sess., 1986), c. 1011, s. 1; 1989, c. 500, s. 109(e);1989 (Reg. Sess., 1990), c. 1000, s. 1.)

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