§ 116-182. Refunding bonds. - North Carolina Statutes

§ 116‑182. Refunding bonds.

The Board is hereby authorized, subject to the approval of the Directorof the Budget, to issue from time to time revenue refunding bonds for thepurpose of refunding any revenue bonds issued by the Board in connection withany project or projects at any one institution, including the payment of anyredemption premium thereon and any interest accrued or to accrue to the date ofredemption of such bonds. The Board is further authorized, subject to theapproval of the Director of the Budget, to issue from time to time revenuerefunding bonds for the combined purpose of

(1)        Refunding any revenue bonds or revenue refunding bondsissued by the Board in connection with any project or projects at any oneinstitution, including the payment of any redemption premium thereon and anyinterest accrued or to accrue to the date of redemption of such bonds, and

(2)        Paying all or any part of the cost of acquiring orconstructing any additional project or projects at the same institution.

The issuance of such bonds, the maturities and other details thereof,the rights and remedies of the holders thereof, and the rights, powers,privileges, duties and obligations of the Board with respect to the same, shallbe governed by the foregoing provisions of  this Article insofar as the samemay be applicable. (1957, c. 1131, s.8; 1983, c. 577, s. 6.)