§ 116-177. Revenues for payment of bonds; rules for use of facilities. - North Carolina Statutes

§ 116‑177. Revenues for payment of bonds; rules for use of facilities.

So long as any bonds issued under this Article shall be outstanding theBoard shall fix, and may revise from time to time, rentals for the facilitiesto be furnished by any project financed under this Article or for the right touse any such facilities or to receive any such services. Such rentals shall befixed and revised so  that the revenues received by the Board from any projector projects,  together with any other available funds, will be sufficient atall times

(1)        To pay the cost of maintaining, repairing and operating suchproject or projects, including reserves for such purposes, and

(2)        To pay when added to increased rentals from existingfacilities the principal of and the interest on the bonds for the payment ofwhich such revenues are pledged and to provide reserves therefor.

The Board shall increase the rentals for the facilities furnished byany existing dormitories at any institution to provide, to the extentnecessary, additional funds to liquidate in full any revenue bonds issued underthis Article.

The Board is further authorized to make and enforce and to contract tomake and enforce parietal rules that shall insure the maximum use of anyproject or existing facilities. (1957, c. 1131, s. 3.)