State Codes and Statutes

Statutes > North-carolina > Chapter_159I > GS_159I-7

§ 159I‑7.  Solid Waste Management Loan Fund.

(a)        A Fund to be known as the Solid Waste Management Loan Fundis established. Moneys appropriated to, paid to, or earned by this Fund shallbe deposited with the State Treasurer or a corporate trustee as provided for inG.S. 159I‑16, as may be determined by the Board.

(b)        Moneys in the Solid Waste Management Loan Fund may beinvested in the same manner as permitted for investments of funds belonging tothe State or held in the State treasury. Interest earnings derived from suchinvestments shall be credited to the Fund, credited to such other use as may beprovided in a trust agreement or resolution securing any bonds or notes issuedunder the provisions of this Chapter, or credited to such other use, includingthe payment of administrative expenses of the Agency, the costs of research forsolid waste management programs and the making of grants for such research, asmay be directed by the Board.

(b1)      In connection with solid waste research to be contracted forby the Division, the Secretary of Environment and Natural Resources shallnegotiate, with the Board of the Agency, a memorandum of agreement which shallcontain necessary rules and provisions for certifying that proper competitivebid procedures, and when appropriate, proper sole source bid procedures, forcontracts have been executed in connection with a Request for Proposals (RFP);and, which shall state that a previously determined one‑to‑onematch requirement from private sector sources has been met in accordance withrules and provisions set out in the memorandum of agreement, and that theSecretary is ready to award a contract for a specified amount. The Treasurer,at the direction of the Board, shall certify that funds are available and thatthe purpose of the contract is consistent with provisions for the use of solidwaste loan program proceeds.

(c)        Moneys in the Solid Waste Management Loan Fund may be used,as shall be determined by the Board, for any one or more of the followingpurposes:

(1)        The establishment of one or more debt service reserve funds;

(2)        The obtaining of one or more credit facilities ashereinafter defined in this Chapter;

(3)        The making of loans to units of local government, whichloans may be evidenced by debt instruments; and

(4)        The subsidization of interest rates on loans to units oflocal government.

In addition, any investment income or profit on moneys in the SolidWaste Management Loan Fund or on any moneys transferred from the Fund to a debtservice reserve fund may be used, as shall be determined by the Board, to payadministrative expenses of the Agency.

(d)        As used in this section, "debt instrument" meansan instrument in the nature of a promissory note executed by a unit of localgovernment to evidence a debt to the Agency in respect of a loan made to theunit from the Solid Waste Management Loan Fund and obligation to repay theprincipal, plus interest, under stated terms. (1989, c. 756, s. 1; 1989 (Reg. Sess., 1990), c. 1004,s. 21; c. 1024, s. 49; 1997‑443, s. 11A.119(a).)

State Codes and Statutes

Statutes > North-carolina > Chapter_159I > GS_159I-7

§ 159I‑7.  Solid Waste Management Loan Fund.

(a)        A Fund to be known as the Solid Waste Management Loan Fundis established. Moneys appropriated to, paid to, or earned by this Fund shallbe deposited with the State Treasurer or a corporate trustee as provided for inG.S. 159I‑16, as may be determined by the Board.

(b)        Moneys in the Solid Waste Management Loan Fund may beinvested in the same manner as permitted for investments of funds belonging tothe State or held in the State treasury. Interest earnings derived from suchinvestments shall be credited to the Fund, credited to such other use as may beprovided in a trust agreement or resolution securing any bonds or notes issuedunder the provisions of this Chapter, or credited to such other use, includingthe payment of administrative expenses of the Agency, the costs of research forsolid waste management programs and the making of grants for such research, asmay be directed by the Board.

(b1)      In connection with solid waste research to be contracted forby the Division, the Secretary of Environment and Natural Resources shallnegotiate, with the Board of the Agency, a memorandum of agreement which shallcontain necessary rules and provisions for certifying that proper competitivebid procedures, and when appropriate, proper sole source bid procedures, forcontracts have been executed in connection with a Request for Proposals (RFP);and, which shall state that a previously determined one‑to‑onematch requirement from private sector sources has been met in accordance withrules and provisions set out in the memorandum of agreement, and that theSecretary is ready to award a contract for a specified amount. The Treasurer,at the direction of the Board, shall certify that funds are available and thatthe purpose of the contract is consistent with provisions for the use of solidwaste loan program proceeds.

(c)        Moneys in the Solid Waste Management Loan Fund may be used,as shall be determined by the Board, for any one or more of the followingpurposes:

(1)        The establishment of one or more debt service reserve funds;

(2)        The obtaining of one or more credit facilities ashereinafter defined in this Chapter;

(3)        The making of loans to units of local government, whichloans may be evidenced by debt instruments; and

(4)        The subsidization of interest rates on loans to units oflocal government.

In addition, any investment income or profit on moneys in the SolidWaste Management Loan Fund or on any moneys transferred from the Fund to a debtservice reserve fund may be used, as shall be determined by the Board, to payadministrative expenses of the Agency.

(d)        As used in this section, "debt instrument" meansan instrument in the nature of a promissory note executed by a unit of localgovernment to evidence a debt to the Agency in respect of a loan made to theunit from the Solid Waste Management Loan Fund and obligation to repay theprincipal, plus interest, under stated terms. (1989, c. 756, s. 1; 1989 (Reg. Sess., 1990), c. 1004,s. 21; c. 1024, s. 49; 1997‑443, s. 11A.119(a).)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_159I > GS_159I-7

§ 159I‑7.  Solid Waste Management Loan Fund.

(a)        A Fund to be known as the Solid Waste Management Loan Fundis established. Moneys appropriated to, paid to, or earned by this Fund shallbe deposited with the State Treasurer or a corporate trustee as provided for inG.S. 159I‑16, as may be determined by the Board.

(b)        Moneys in the Solid Waste Management Loan Fund may beinvested in the same manner as permitted for investments of funds belonging tothe State or held in the State treasury. Interest earnings derived from suchinvestments shall be credited to the Fund, credited to such other use as may beprovided in a trust agreement or resolution securing any bonds or notes issuedunder the provisions of this Chapter, or credited to such other use, includingthe payment of administrative expenses of the Agency, the costs of research forsolid waste management programs and the making of grants for such research, asmay be directed by the Board.

(b1)      In connection with solid waste research to be contracted forby the Division, the Secretary of Environment and Natural Resources shallnegotiate, with the Board of the Agency, a memorandum of agreement which shallcontain necessary rules and provisions for certifying that proper competitivebid procedures, and when appropriate, proper sole source bid procedures, forcontracts have been executed in connection with a Request for Proposals (RFP);and, which shall state that a previously determined one‑to‑onematch requirement from private sector sources has been met in accordance withrules and provisions set out in the memorandum of agreement, and that theSecretary is ready to award a contract for a specified amount. The Treasurer,at the direction of the Board, shall certify that funds are available and thatthe purpose of the contract is consistent with provisions for the use of solidwaste loan program proceeds.

(c)        Moneys in the Solid Waste Management Loan Fund may be used,as shall be determined by the Board, for any one or more of the followingpurposes:

(1)        The establishment of one or more debt service reserve funds;

(2)        The obtaining of one or more credit facilities ashereinafter defined in this Chapter;

(3)        The making of loans to units of local government, whichloans may be evidenced by debt instruments; and

(4)        The subsidization of interest rates on loans to units oflocal government.

In addition, any investment income or profit on moneys in the SolidWaste Management Loan Fund or on any moneys transferred from the Fund to a debtservice reserve fund may be used, as shall be determined by the Board, to payadministrative expenses of the Agency.

(d)        As used in this section, "debt instrument" meansan instrument in the nature of a promissory note executed by a unit of localgovernment to evidence a debt to the Agency in respect of a loan made to theunit from the Solid Waste Management Loan Fund and obligation to repay theprincipal, plus interest, under stated terms. (1989, c. 756, s. 1; 1989 (Reg. Sess., 1990), c. 1004,s. 21; c. 1024, s. 49; 1997‑443, s. 11A.119(a).)

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