State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_131A > GS_131A-18

§131A‑18.  Refunding bonds or notes.

The Commission is herebyauthorized to provide for the issuance of refunding bonds or notes for thepurpose of refunding any bonds or notes then outstanding which shall have beenissued under the provisions of this Chapter, including the payment of anyredemption premium thereon and any interest accrued or to accrue to the date ofredemption of such bonds or notes and, if deemed advisable by the Commission,for any corporate purpose of the Commission, including, without limitation:

(1)        Constructingimprovements, additions, extensions or enlargements of the health carefacilities in connection with which the bonds or notes to be refunded shallhave been issued, and

(2)        Paying all or anypart of the cost of any additional health care facilities.

The issuance of such bonds ornotes, the maturities and other details thereof, the rights of the holdersthereof, and the rights, duties and obligations of the Commission in respect ofthe same shall be governed by the provisions of this Chapter which relate tothe issuance of bonds or notes, insofar as such provisions may be appropriatetherefor.

Refunding bonds or notes maybe sold or exchanged for outstanding bonds or notes issued under this Chapterand, if sold, the proceeds thereof may be applied, in addition to any otherauthorized purposes, to the purchase, redemption or payment of such refundingbonds or notes, with any other available funds, to the payment of theprincipal, accrued interest and any redemption premium on the bonds or notesbeing refunded, and, if so provided or permitted in the resolution authorizingthe issuance of, or in the trust agreement securing, such bonds or notes, tothe payment of any interest on such refunding bonds or notes and any expensesin connection with such refunding, such proceeds may be invested in directobligations of, or  obligations the principal of and the interest on which areunconditionally guaranteed by, the United States of America which shall matureor which shall be subject to redemption by the holders thereof, at the optionof such holders, not later than the respective dates when the proceeds,together with the interest accruing thereon, will be required for the purposesintended. (1975, c. 766, s. 1.)