State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_143B > GS_143B-426_14

§ 143B‑426.14.  Issuanceof bonds.

As a means of raising thefunds needed from time to time in the acquisition, construction, equipment,maintenance and operation of any facility, building, structure,telecommunications equipment or systems or any other matter or thing which theAgency is herein authorized to acquire, construct, equip, maintain, or operate,the Agency may at one time or from time to time issue negotiable revenue bondsof the Agency. The principal and interest of the revenue bonds shall be payablesolely from the revenues to be derived from the operation of all or any part ofthe Agency's properties and facilities. A pledge of the net revenues derivedfrom the operation of specified properties and facilities of the Agency may bemade to secure the payment of the bonds as they mature. Revenue bonds issuedunder the provisions of this Part shall not be deemed to constitute a debt ofthe State of North Carolina or a pledge of the faith and credit of the State.The issuance of revenue bonds shall not directly or indirectly or contingentlyobligate the State to levy or to pledge any form of taxation whatever thereforor to make any appropriation for their payment. The bonds and the incometherefrom shall be exempt from all taxation within the State. (1979, c. 900, s. 1; 2006‑203,s. 108.)