§ 116-209. Reserve Trust Fund created; transfer of Escheat Fund; pledge of security interest for payment of bonds; administration. - North Carolina Statutes

§ 116‑209.  ReserveTrust Fund created; transfer of Escheat Fund; pledge of security interest forpayment of bonds; administration.

The appropriation made to the Authority under this Article shall beused exclusively for the purpose of acquiring contingent or vested rights inobligations which it may acquire under this Article; such appropriations,payments, revenue and interest as well as other income received in connectionwith such obligations is hereby established as a trust fund. Such fund shall beused for the purposes of the Authority other than maintenance and operation.

The maintenance and operating expenses of the Authority shall be paidfrom funds specifically appropriated for such purposes. No part of the trustfund established under this section shall be expended for such purposes.

The State Treasurer shall be the custodian of the assets of theAuthority and shall invest them in accordance with the provisions of G.S. 147‑69.2and 147‑69.3. All payments from the accounts thereof shall be made by himissued upon vouchers signed by such persons as are designated by the Authority.A duly attested copy of a resolution of the Authority designating such personsand bearing on its face the specimen signatures of such persons shall be filedwith the State Treasurer as his authority for issuing warrants upon suchvouchers.

The trust fund is designated "Reserve Trust Fund" and shallbe maintained by the Authority, except as otherwise provided, pursuant to theprovisions of this Article, as security for or insurance respecting any bondsor other obligations issued by the Authority under this Article. The corpus ofthe Escheat Fund, including all future additions other than the income, aretransferred to, and become, a part of the Reserve Trust Fund and shall beaccounted for, administered, invested, reinvested, used and applied as providedin Chapter 116B of the General Statutes. The Authority may pledge and vest asecurity interest in all or any part of the Reserve Trust Fund by resolutionadopted or trust agreement approved by it as security for or insurancerespecting the payment of bonds or other obligations issued under this Article.The Reserve Trust Fund shall be held, administered, invested, reinvested, usedand applied as provided in any resolution adopted or trust agreement approvedby the Authority, subject to the provisions of this Article and Chapter 116B ofthe General Statutes. (1965, c. 1180, s. 1; 1979, c. 165, s. 4; c. 467, s. 8; 1987, c. 227,s. 5.)