§ 159‑65. Resolution fixing the details of thebonds.
(a) After the bond order has been adopted, the board shall adopta resolution fixing the details of the bonds. In fixing details of the bonds,the board is subject to these restrictions and directions:
(1) The dates for payment of installments of principal shall notexceed the maximum periods of usefulness prescribed by the Commission pursuantto G.S. 159‑122.
(2) Bonds authorized by two or more bond orders may beconsolidated into a single issue.
(3) Bonds of each issue shall have principal paid in annualinstallments, the first of which shall be payable not more than three yearsafter the date of the bonds, and the last within the maximum maturity periodprescribed by regulation of the Commission under G.S. 159‑122.
(4) No installment of principal for any issue may be more thanfour times as great in amount as the smallest prior installment of principalfor the same issue.
(5) Bonds of each issue may be issued from time to time inseries with different provisions for each series. Each series shall be deemed aseparate issue for the purposes of this section, except that two or more seriesmay be considered to be a single issue under subdivisions (3) and (4) of thissubsection if issued on the same day or two consecutive days.
(6) Any bond may be made payable on demand or tender forpurchase as provided in G.S. 159‑79, and any bond may be made subject toredemption prior to maturity, with or without premium, on such notice and atsuch time or times and with such redemption provisions as may be statedtherein. When any such bond has been validly called for redemption andprovision has been made for the payment of the principal thereof, anyredemption premium, and the interest thereon accrued to the date of redemption,interest thereon shall cease.
(7) The bonds may bear interest at such rate or rates, payablesemiannually or otherwise, may be in such denominations, and may be madepayable in such kind of money and in such place or places within or without theState of North Carolina, as the board may determine.
(b) Subdivisions (a)(3) and (4) of this section do not apply torefunding bonds or to bonds purchased by a State or federal agency.Subdivisions (a)(3) and (4) also do not apply to bonds the interest on which isor may be includable in gross income for purposes of federal income tax, aslong as the dates for payment of principal on these bonds have been approved bythe Commission. For the purposes of subdivisions (a)(3) and (4) of this sectionand for bonds the interest on which is or may be includable in gross income forpurposes of federal income tax, payment of an installment of principal may beprovided for by the maturity of a bond, mandatory redemption of principal priorto maturity, a sinking fund, a credit facility as defined in G.S. 159‑79,or any other means satisfactory to the Commission. (1917, c. 138, s. 25; 1919, c. 178, s. 3(25); C.S., s. 2951; 1921, c.8, s. 1; Ex. Sess. 1921, c. 106, s. 1; 1933, c. 259, s. 1; 1951, c. 440, s. 1;1953, c. 1206, s. 3; 1969, c. 686; 1971, c. 780, s. 1; 1973, c. 494, s. 10; cc.883, 995; 1987, c. 585, s. 2; c. 586; 2003‑388, s. 2.)
§ 159‑65. Resolution fixing the details of thebonds.
(a) After the bond order has been adopted, the board shall adopta resolution fixing the details of the bonds. In fixing details of the bonds,the board is subject to these restrictions and directions:
(1) The dates for payment of installments of principal shall notexceed the maximum periods of usefulness prescribed by the Commission pursuantto G.S. 159‑122.
(2) Bonds authorized by two or more bond orders may beconsolidated into a single issue.
(3) Bonds of each issue shall have principal paid in annualinstallments, the first of which shall be payable not more than three yearsafter the date of the bonds, and the last within the maximum maturity periodprescribed by regulation of the Commission under G.S. 159‑122.
(4) No installment of principal for any issue may be more thanfour times as great in amount as the smallest prior installment of principalfor the same issue.
(5) Bonds of each issue may be issued from time to time inseries with different provisions for each series. Each series shall be deemed aseparate issue for the purposes of this section, except that two or more seriesmay be considered to be a single issue under subdivisions (3) and (4) of thissubsection if issued on the same day or two consecutive days.
(6) Any bond may be made payable on demand or tender forpurchase as provided in G.S. 159‑79, and any bond may be made subject toredemption prior to maturity, with or without premium, on such notice and atsuch time or times and with such redemption provisions as may be statedtherein. When any such bond has been validly called for redemption andprovision has been made for the payment of the principal thereof, anyredemption premium, and the interest thereon accrued to the date of redemption,interest thereon shall cease.
(7) The bonds may bear interest at such rate or rates, payablesemiannually or otherwise, may be in such denominations, and may be madepayable in such kind of money and in such place or places within or without theState of North Carolina, as the board may determine.
(b) Subdivisions (a)(3) and (4) of this section do not apply torefunding bonds or to bonds purchased by a State or federal agency.Subdivisions (a)(3) and (4) also do not apply to bonds the interest on which isor may be includable in gross income for purposes of federal income tax, aslong as the dates for payment of principal on these bonds have been approved bythe Commission. For the purposes of subdivisions (a)(3) and (4) of this sectionand for bonds the interest on which is or may be includable in gross income forpurposes of federal income tax, payment of an installment of principal may beprovided for by the maturity of a bond, mandatory redemption of principal priorto maturity, a sinking fund, a credit facility as defined in G.S. 159‑79,or any other means satisfactory to the Commission. (1917, c. 138, s. 25; 1919, c. 178, s. 3(25); C.S., s. 2951; 1921, c.8, s. 1; Ex. Sess. 1921, c. 106, s. 1; 1933, c. 259, s. 1; 1951, c. 440, s. 1;1953, c. 1206, s. 3; 1969, c. 686; 1971, c. 780, s. 1; 1973, c. 494, s. 10; cc.883, 995; 1987, c. 585, s. 2; c. 586; 2003‑388, s. 2.)
§ 159‑65. Resolution fixing the details of thebonds.
(a) After the bond order has been adopted, the board shall adopta resolution fixing the details of the bonds. In fixing details of the bonds,the board is subject to these restrictions and directions:
(1) The dates for payment of installments of principal shall notexceed the maximum periods of usefulness prescribed by the Commission pursuantto G.S. 159‑122.
(2) Bonds authorized by two or more bond orders may beconsolidated into a single issue.
(3) Bonds of each issue shall have principal paid in annualinstallments, the first of which shall be payable not more than three yearsafter the date of the bonds, and the last within the maximum maturity periodprescribed by regulation of the Commission under G.S. 159‑122.
(4) No installment of principal for any issue may be more thanfour times as great in amount as the smallest prior installment of principalfor the same issue.
(5) Bonds of each issue may be issued from time to time inseries with different provisions for each series. Each series shall be deemed aseparate issue for the purposes of this section, except that two or more seriesmay be considered to be a single issue under subdivisions (3) and (4) of thissubsection if issued on the same day or two consecutive days.
(6) Any bond may be made payable on demand or tender forpurchase as provided in G.S. 159‑79, and any bond may be made subject toredemption prior to maturity, with or without premium, on such notice and atsuch time or times and with such redemption provisions as may be statedtherein. When any such bond has been validly called for redemption andprovision has been made for the payment of the principal thereof, anyredemption premium, and the interest thereon accrued to the date of redemption,interest thereon shall cease.
(7) The bonds may bear interest at such rate or rates, payablesemiannually or otherwise, may be in such denominations, and may be madepayable in such kind of money and in such place or places within or without theState of North Carolina, as the board may determine.
(b) Subdivisions (a)(3) and (4) of this section do not apply torefunding bonds or to bonds purchased by a State or federal agency.Subdivisions (a)(3) and (4) also do not apply to bonds the interest on which isor may be includable in gross income for purposes of federal income tax, aslong as the dates for payment of principal on these bonds have been approved bythe Commission. For the purposes of subdivisions (a)(3) and (4) of this sectionand for bonds the interest on which is or may be includable in gross income forpurposes of federal income tax, payment of an installment of principal may beprovided for by the maturity of a bond, mandatory redemption of principal priorto maturity, a sinking fund, a credit facility as defined in G.S. 159‑79,or any other means satisfactory to the Commission. (1917, c. 138, s. 25; 1919, c. 178, s. 3(25); C.S., s. 2951; 1921, c.8, s. 1; Ex. Sess. 1921, c. 106, s. 1; 1933, c. 259, s. 1; 1951, c. 440, s. 1;1953, c. 1206, s. 3; 1969, c. 686; 1971, c. 780, s. 1; 1973, c. 494, s. 10; cc.883, 995; 1987, c. 585, s. 2; c. 586; 2003‑388, s. 2.)
