Interest Rate Swap Agreements for Governmental Units.
§ 159‑193. Definitions.
The following definitions apply in this Article:
(1) Governmental unit. Any of the following:
a. A unit of local government as defined in G.S. 159‑44.
b. A municipality as defined in G.S. 159‑81.
c. A joint agency as defined in G.S. 159B‑3.
d. Any department, agency, board, commission, or authority ofthe State that is authorized by law to issue bonds.
e. The State Treasurer in connection with the issuance,incurrence, carrying, or securing of obligations for or on behalf of the Statepursuant to an act of the General Assembly.
(2) Obligations. Any of the following:
a. Bonds, notes, bond anticipation notes, or other evidences ofindebtedness issued by a governmental unit.
b. Lease purchase or installment financing agreements enteredinto by a governmental unit.
(3) Swap agreement. Any of the following:
a. An agreement, including terms and conditions incorporated byreference in the agreement, that is a rate swap agreement, basis swap, forwardrate agreement, interest rate option, rate cap agreement, rate floor agreement,rate collar agreement, or other similar agreement, including any option toenter into or terminate any of the foregoing.
b. Any combination of the agreements described in sub‑subdivisiona. of this subdivision.
c. A master agreement for any of the agreements described insub‑subdivisions a. and b. of this subdivision, together with allsupplements.
d. One or more transactions entered into pursuant to a masteragreement. (2003‑388, s. 4;2005‑403, s. 4.)
Interest Rate Swap Agreements for Governmental Units.
§ 159‑193. Definitions.
The following definitions apply in this Article:
(1) Governmental unit. Any of the following:
a. A unit of local government as defined in G.S. 159‑44.
b. A municipality as defined in G.S. 159‑81.
c. A joint agency as defined in G.S. 159B‑3.
d. Any department, agency, board, commission, or authority ofthe State that is authorized by law to issue bonds.
e. The State Treasurer in connection with the issuance,incurrence, carrying, or securing of obligations for or on behalf of the Statepursuant to an act of the General Assembly.
(2) Obligations. Any of the following:
a. Bonds, notes, bond anticipation notes, or other evidences ofindebtedness issued by a governmental unit.
b. Lease purchase or installment financing agreements enteredinto by a governmental unit.
(3) Swap agreement. Any of the following:
a. An agreement, including terms and conditions incorporated byreference in the agreement, that is a rate swap agreement, basis swap, forwardrate agreement, interest rate option, rate cap agreement, rate floor agreement,rate collar agreement, or other similar agreement, including any option toenter into or terminate any of the foregoing.
b. Any combination of the agreements described in sub‑subdivisiona. of this subdivision.
c. A master agreement for any of the agreements described insub‑subdivisions a. and b. of this subdivision, together with allsupplements.
d. One or more transactions entered into pursuant to a masteragreement. (2003‑388, s. 4;2005‑403, s. 4.)
Interest Rate Swap Agreements for Governmental Units.
§ 159‑193. Definitions.
The following definitions apply in this Article:
(1) Governmental unit. Any of the following:
a. A unit of local government as defined in G.S. 159‑44.
b. A municipality as defined in G.S. 159‑81.
c. A joint agency as defined in G.S. 159B‑3.
d. Any department, agency, board, commission, or authority ofthe State that is authorized by law to issue bonds.
e. The State Treasurer in connection with the issuance,incurrence, carrying, or securing of obligations for or on behalf of the Statepursuant to an act of the General Assembly.
(2) Obligations. Any of the following:
a. Bonds, notes, bond anticipation notes, or other evidences ofindebtedness issued by a governmental unit.
b. Lease purchase or installment financing agreements enteredinto by a governmental unit.
(3) Swap agreement. Any of the following:
a. An agreement, including terms and conditions incorporated byreference in the agreement, that is a rate swap agreement, basis swap, forwardrate agreement, interest rate option, rate cap agreement, rate floor agreement,rate collar agreement, or other similar agreement, including any option toenter into or terminate any of the foregoing.
b. Any combination of the agreements described in sub‑subdivisiona. of this subdivision.
c. A master agreement for any of the agreements described insub‑subdivisions a. and b. of this subdivision, together with allsupplements.
d. One or more transactions entered into pursuant to a masteragreement. (2003‑388, s. 4;2005‑403, s. 4.)
