State Codes and Statutes

Statutes > North-carolina > Chapter_159I > GS_159I-5

§ 159I‑5.  Generalpowers of the Agency.

The Agency shall have all of the powers necessary or convenient tocarry out and to effect the purposes and provisions of this Chapter, including,without limitation, the powers:

(1)        To make and execute contracts and agreements necessary orincidental to the exercise of its powers and duties under this Chapter,including, without limitation, agreements in respect of loan agreements andagreements with issuers of credit‑enhancement facilities, liquidityfacilities, bond insurance policies, reserve fund insurance policies andinvestment contracts, and interest‑rate agreements;

(2)        To contract with any unit of local government with respectto any of the matters covered by this Chapter;

(3)        To establish a debt service reserve fund or funds, frommoneys in the Solid Waste Management Loan Fund or from other available moneys,and other reserve funds and to borrow money to purchase insurance andinvestment contracts to establish, maintain, or increase such funds;

(4)        To agree to apply and assign any money, loan agreements, andother revenues;

(5)        To borrow money as herein provided to carry out and effectits corporate purposes and to issue in evidence thereof bonds, notes, or bondanticipation notes for the purpose of providing funds therefor, including fundsfor the financing and refinancing of the cost of the acquisition orconstruction of projects, including the payment or advance on behalf of unitsof local government of the costs of such projects;

(6)        To apply any payments, or prepayments, or principal of orinterest on any loan agreement, to the extent such payment or prepayment is notnecessary to pay debt service on the Agency's bonds or notes, to the financingof the cost of the acquisition or construction of projects for units of localgovernment to the same extent as provided in G.S. 159I‑6;

(7)        To fix, revise, charge and collect, or cause to be fixed,revised, charged, and collected, and to apportion administrative charges amongunits of local government participating in any program of the Agency;

(8)        To employ an administrator to administer the operations ofthe Agency, fiscal and financial consultants, underwriters, attorneys,trustees, remarketing agents, and such other consultants, agents, and employeesas may be required in the judgment of the Agency and to fix and pay theircompensation from funds available to the Agency;

(9)        To apply for, accept, receive and agree to, and to complywith the terms and conditions governing grants, loans, advances, contributions,gifts, and other aid from any source whatsoever, including federal and Statesources;

(10)      To sue and be sued in its own name, to plead and beimpleaded;

(11)      To adopt an official seal and to alter the same at itspleasure;

(12)      To establish and revise from time to time minimum financialstandards and criteria for determining the eligibility of specific units oflocal government to obtain financing and to make loans as provided in thisChapter;

(13)      To deposit, disburse, and invest, pursuant to the provisions ofthis Chapter, the proceeds of any fund established in accordance with thisChapter and to determine the application of the proceeds of any earningsthereon, subject to the specific provisions of this Chapter; and

(14)      To act as otherwise necessary or convenient to carry out thepurposes of this Chapter. (1989, c. 756, s. 1.)

State Codes and Statutes

Statutes > North-carolina > Chapter_159I > GS_159I-5

§ 159I‑5.  Generalpowers of the Agency.

The Agency shall have all of the powers necessary or convenient tocarry out and to effect the purposes and provisions of this Chapter, including,without limitation, the powers:

(1)        To make and execute contracts and agreements necessary orincidental to the exercise of its powers and duties under this Chapter,including, without limitation, agreements in respect of loan agreements andagreements with issuers of credit‑enhancement facilities, liquidityfacilities, bond insurance policies, reserve fund insurance policies andinvestment contracts, and interest‑rate agreements;

(2)        To contract with any unit of local government with respectto any of the matters covered by this Chapter;

(3)        To establish a debt service reserve fund or funds, frommoneys in the Solid Waste Management Loan Fund or from other available moneys,and other reserve funds and to borrow money to purchase insurance andinvestment contracts to establish, maintain, or increase such funds;

(4)        To agree to apply and assign any money, loan agreements, andother revenues;

(5)        To borrow money as herein provided to carry out and effectits corporate purposes and to issue in evidence thereof bonds, notes, or bondanticipation notes for the purpose of providing funds therefor, including fundsfor the financing and refinancing of the cost of the acquisition orconstruction of projects, including the payment or advance on behalf of unitsof local government of the costs of such projects;

(6)        To apply any payments, or prepayments, or principal of orinterest on any loan agreement, to the extent such payment or prepayment is notnecessary to pay debt service on the Agency's bonds or notes, to the financingof the cost of the acquisition or construction of projects for units of localgovernment to the same extent as provided in G.S. 159I‑6;

(7)        To fix, revise, charge and collect, or cause to be fixed,revised, charged, and collected, and to apportion administrative charges amongunits of local government participating in any program of the Agency;

(8)        To employ an administrator to administer the operations ofthe Agency, fiscal and financial consultants, underwriters, attorneys,trustees, remarketing agents, and such other consultants, agents, and employeesas may be required in the judgment of the Agency and to fix and pay theircompensation from funds available to the Agency;

(9)        To apply for, accept, receive and agree to, and to complywith the terms and conditions governing grants, loans, advances, contributions,gifts, and other aid from any source whatsoever, including federal and Statesources;

(10)      To sue and be sued in its own name, to plead and beimpleaded;

(11)      To adopt an official seal and to alter the same at itspleasure;

(12)      To establish and revise from time to time minimum financialstandards and criteria for determining the eligibility of specific units oflocal government to obtain financing and to make loans as provided in thisChapter;

(13)      To deposit, disburse, and invest, pursuant to the provisions ofthis Chapter, the proceeds of any fund established in accordance with thisChapter and to determine the application of the proceeds of any earningsthereon, subject to the specific provisions of this Chapter; and

(14)      To act as otherwise necessary or convenient to carry out thepurposes of this Chapter. (1989, c. 756, s. 1.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_159I > GS_159I-5

§ 159I‑5.  Generalpowers of the Agency.

The Agency shall have all of the powers necessary or convenient tocarry out and to effect the purposes and provisions of this Chapter, including,without limitation, the powers:

(1)        To make and execute contracts and agreements necessary orincidental to the exercise of its powers and duties under this Chapter,including, without limitation, agreements in respect of loan agreements andagreements with issuers of credit‑enhancement facilities, liquidityfacilities, bond insurance policies, reserve fund insurance policies andinvestment contracts, and interest‑rate agreements;

(2)        To contract with any unit of local government with respectto any of the matters covered by this Chapter;

(3)        To establish a debt service reserve fund or funds, frommoneys in the Solid Waste Management Loan Fund or from other available moneys,and other reserve funds and to borrow money to purchase insurance andinvestment contracts to establish, maintain, or increase such funds;

(4)        To agree to apply and assign any money, loan agreements, andother revenues;

(5)        To borrow money as herein provided to carry out and effectits corporate purposes and to issue in evidence thereof bonds, notes, or bondanticipation notes for the purpose of providing funds therefor, including fundsfor the financing and refinancing of the cost of the acquisition orconstruction of projects, including the payment or advance on behalf of unitsof local government of the costs of such projects;

(6)        To apply any payments, or prepayments, or principal of orinterest on any loan agreement, to the extent such payment or prepayment is notnecessary to pay debt service on the Agency's bonds or notes, to the financingof the cost of the acquisition or construction of projects for units of localgovernment to the same extent as provided in G.S. 159I‑6;

(7)        To fix, revise, charge and collect, or cause to be fixed,revised, charged, and collected, and to apportion administrative charges amongunits of local government participating in any program of the Agency;

(8)        To employ an administrator to administer the operations ofthe Agency, fiscal and financial consultants, underwriters, attorneys,trustees, remarketing agents, and such other consultants, agents, and employeesas may be required in the judgment of the Agency and to fix and pay theircompensation from funds available to the Agency;

(9)        To apply for, accept, receive and agree to, and to complywith the terms and conditions governing grants, loans, advances, contributions,gifts, and other aid from any source whatsoever, including federal and Statesources;

(10)      To sue and be sued in its own name, to plead and beimpleaded;

(11)      To adopt an official seal and to alter the same at itspleasure;

(12)      To establish and revise from time to time minimum financialstandards and criteria for determining the eligibility of specific units oflocal government to obtain financing and to make loans as provided in thisChapter;

(13)      To deposit, disburse, and invest, pursuant to the provisions ofthis Chapter, the proceeds of any fund established in accordance with thisChapter and to determine the application of the proceeds of any earningsthereon, subject to the specific provisions of this Chapter; and

(14)      To act as otherwise necessary or convenient to carry out thepurposes of this Chapter. (1989, c. 756, s. 1.)

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