State Codes and Statutes

Statutes > North-carolina > Chapter_122D > GS_122D-16

§ 122D‑16.  Trust funds.

(a)        Notwithstanding anyother provisions of law to the contrary, all moneys received pursuant to theauthority of this Chapter shall be deemed to be trust funds to be held andapplied solely as provided in this Chapter. Interest earned from these moneysand interest received from loans made from these moneys may be used for anypurpose set out in this Chapter and for the costs of administering thisChapter. The resolution authorizing any obligations or the trust agreementsecuring any obligations may provide that any of these moneys may betemporarily invested pending the disbursement of the moneys and shall providethat any officer with whom, or any bank or trust company with which, suchmoneys shall be deposited, shall act as trustee of the moneys and shall holdand apply the moneys for the purposes under this Chapter, subject to any rulesadopted pursuant to this Chapter and any provisions in the provision or trustagreement.

(b)        All moneys of theAuthority may be invested in the following:

(1)        Bonds, notes ortreasury bills of the United States;

(2)        Non‑convertibledebt securities of the following issuers:

a.         The Federal HomeLoan Bank Board;

b.         Fannie Mae;

c.         The Federal FarmCredit Bank; and

d.         The Student LoanMarketing Association;

(3)        Any otherobligations not listed above which are guaranteed as to principal and interestby the United States or any of its agencies;

(4)        Certificates ofdeposit and other evidences of deposit at state and federal chartered banks andsavings and loan associations; provided that any principal amount of suchcertificate in excess of the amount insured by the federal government or anyagency thereof be fully collateralized;

(5)        Obligations of theUnited States or its agencies under a repurchase agreement for a shorter timethan the maturity date of the security itself if the market value of thesecurity itself is more than the amount of funds invested;

(6)        Money market fundswhose portfolios consist of any of the foregoing investments;

(7)        A guaranteedinvestment or similar contract, which provides for the investment of funds at aguaranteed rate of return, with an insurance company or depository financialinstitution with a claim paying rating of no less than either of the twohighest grades given by a nationally recognized rating agency; and

(8)        Any other investmentauthorized by law for the investment of funds by a unit of local government. (1983, c. 789, s. 1; 1985(Reg. Sess., 1986), c. 1011, s. 1; 1987, c. 112, s. 1; 1989, c. 500, s. 109(e);1989 (Reg. Sess., 1990), c. 1074, s. 32(b); 1997‑443, s. 14.5; 2001‑487,s. 14(k).)

State Codes and Statutes

Statutes > North-carolina > Chapter_122D > GS_122D-16

§ 122D‑16.  Trust funds.

(a)        Notwithstanding anyother provisions of law to the contrary, all moneys received pursuant to theauthority of this Chapter shall be deemed to be trust funds to be held andapplied solely as provided in this Chapter. Interest earned from these moneysand interest received from loans made from these moneys may be used for anypurpose set out in this Chapter and for the costs of administering thisChapter. The resolution authorizing any obligations or the trust agreementsecuring any obligations may provide that any of these moneys may betemporarily invested pending the disbursement of the moneys and shall providethat any officer with whom, or any bank or trust company with which, suchmoneys shall be deposited, shall act as trustee of the moneys and shall holdand apply the moneys for the purposes under this Chapter, subject to any rulesadopted pursuant to this Chapter and any provisions in the provision or trustagreement.

(b)        All moneys of theAuthority may be invested in the following:

(1)        Bonds, notes ortreasury bills of the United States;

(2)        Non‑convertibledebt securities of the following issuers:

a.         The Federal HomeLoan Bank Board;

b.         Fannie Mae;

c.         The Federal FarmCredit Bank; and

d.         The Student LoanMarketing Association;

(3)        Any otherobligations not listed above which are guaranteed as to principal and interestby the United States or any of its agencies;

(4)        Certificates ofdeposit and other evidences of deposit at state and federal chartered banks andsavings and loan associations; provided that any principal amount of suchcertificate in excess of the amount insured by the federal government or anyagency thereof be fully collateralized;

(5)        Obligations of theUnited States or its agencies under a repurchase agreement for a shorter timethan the maturity date of the security itself if the market value of thesecurity itself is more than the amount of funds invested;

(6)        Money market fundswhose portfolios consist of any of the foregoing investments;

(7)        A guaranteedinvestment or similar contract, which provides for the investment of funds at aguaranteed rate of return, with an insurance company or depository financialinstitution with a claim paying rating of no less than either of the twohighest grades given by a nationally recognized rating agency; and

(8)        Any other investmentauthorized by law for the investment of funds by a unit of local government. (1983, c. 789, s. 1; 1985(Reg. Sess., 1986), c. 1011, s. 1; 1987, c. 112, s. 1; 1989, c. 500, s. 109(e);1989 (Reg. Sess., 1990), c. 1074, s. 32(b); 1997‑443, s. 14.5; 2001‑487,s. 14(k).)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_122D > GS_122D-16

§ 122D‑16.  Trust funds.

(a)        Notwithstanding anyother provisions of law to the contrary, all moneys received pursuant to theauthority of this Chapter shall be deemed to be trust funds to be held andapplied solely as provided in this Chapter. Interest earned from these moneysand interest received from loans made from these moneys may be used for anypurpose set out in this Chapter and for the costs of administering thisChapter. The resolution authorizing any obligations or the trust agreementsecuring any obligations may provide that any of these moneys may betemporarily invested pending the disbursement of the moneys and shall providethat any officer with whom, or any bank or trust company with which, suchmoneys shall be deposited, shall act as trustee of the moneys and shall holdand apply the moneys for the purposes under this Chapter, subject to any rulesadopted pursuant to this Chapter and any provisions in the provision or trustagreement.

(b)        All moneys of theAuthority may be invested in the following:

(1)        Bonds, notes ortreasury bills of the United States;

(2)        Non‑convertibledebt securities of the following issuers:

a.         The Federal HomeLoan Bank Board;

b.         Fannie Mae;

c.         The Federal FarmCredit Bank; and

d.         The Student LoanMarketing Association;

(3)        Any otherobligations not listed above which are guaranteed as to principal and interestby the United States or any of its agencies;

(4)        Certificates ofdeposit and other evidences of deposit at state and federal chartered banks andsavings and loan associations; provided that any principal amount of suchcertificate in excess of the amount insured by the federal government or anyagency thereof be fully collateralized;

(5)        Obligations of theUnited States or its agencies under a repurchase agreement for a shorter timethan the maturity date of the security itself if the market value of thesecurity itself is more than the amount of funds invested;

(6)        Money market fundswhose portfolios consist of any of the foregoing investments;

(7)        A guaranteedinvestment or similar contract, which provides for the investment of funds at aguaranteed rate of return, with an insurance company or depository financialinstitution with a claim paying rating of no less than either of the twohighest grades given by a nationally recognized rating agency; and

(8)        Any other investmentauthorized by law for the investment of funds by a unit of local government. (1983, c. 789, s. 1; 1985(Reg. Sess., 1986), c. 1011, s. 1; 1987, c. 112, s. 1; 1989, c. 500, s. 109(e);1989 (Reg. Sess., 1990), c. 1074, s. 32(b); 1997‑443, s. 14.5; 2001‑487,s. 14(k).)

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