§ 113-315.31. Issuance of bonds. - North Carolina Statutes

§ 113‑315.31.  Issuanceof bonds.

(a)        As a means ofraising the funds needed from time to time in the acquisition, construction,equipment, maintenance and operation of any facility, building, structure, orany other matter or thing which the Authority is herein authorized to acquire,construct, equip, maintain, or operate, all or any of them, the said Authorityis hereby authorized at one time or from time to time to issue with theapproval of the Governor negotiable revenue bonds of the Authority. The principaland interest of revenue bonds shall be payable solely from the revenue to bederived from the operation of all or any part of its properties and facilities.

(b)        A pledge of the netrevenues derived from the operation of said properties and facilities, all orany of them, shall be made to secure the payment of said bonds as and when theymature.

(c)        Revenue bondsissued under the provisions of this Article shall not be deemed to constitute adebt of the State of North Carolina or a pledge of the faith and credit of theState. The issuance of such revenue bonds shall not directly or indirectly orcontingently obligate the State to levy or to pledge any form of taxationwhatever therefor or to make any appropriation for their payment.

(d)        Such bonds and theincome thereof shall be exempt from all taxation within the State.

(e)        Notwithstanding anyother provisions of this Article, the State Treasurer shall have the exclusivepower to issue bonds and notes authorized under the act upon request of theAuthority and with the approval of the Governor after receiving the advice ofthe Local Government Commission. The State Treasurer in his sole discretionshall determine the interest rates, maturities, and other terms and conditionsof the bonds and notes authorized by this Article. The North Carolina SeafoodIndustrial Park Authority shall determine when a bond issue is indicated. TheAuthority shall cooperate with the State Treasurer in structuring any bondissue in general, and also in soliciting proposals from financial consultants,underwriters, and bond attorneys. (1979, c. 459, s. 7; 1983, c. 577, s. 2; 1985 (Reg.Sess., 1986), c. 955, ss. 13, 14; 2006‑203, s. 28.)