§ 116-209.6. Revenues. - North Carolina Statutes

§ 116‑209.6. Revenues.

The Authority is authorized to fix and collect fees, charges, interestand premiums for making or insuring student loans, purchasing, endorsing orguaranteeing obligations and any other services performed under this Article.The Authority is further authorized to contract with the United States ofAmerica or any agency or officer thereof and with any person, partnership,association, banking institution or other corporation respecting the carryingout of the Authority's functions under this Article. The Authority shall at alltimes endeavor to fix and collect such fees, charges, receipts, premiums andother income so as to have available in the sinking fund  at all times anamount which, together with any other funds made available therefor, shall besufficient to pay the principal of and the interest on such bonds as the sameshall become due and payable and to create reserves for such purposes. Money inthe sinking fund, except such part thereof as may be necessary to provide such reservesfor the bonds as may be provided for in the resolution authorizing the issuanceof such bonds, shall be set aside in the sinking fund at such regular intervalsas may be provided in such resolution and is hereby pledged to, and chargedwith, the payment of the principal of and the interest on such bonds as thesame shall become due and the redemption price or the purchase price of bondsretired by call or purchase as therein provided. Such pledge shall be valid andbinding from the time when the pledge is made. The fees, charges, receipts,proceeds and other revenues and moneys so pledged and thereafter received bythe Authority shall immediately be subject to the lien of such pledge withoutany physical delivery thereof or further act, and the lien of any such pledgeshall be valid and binding as against all parties having claims of any kind intort, contract or otherwise against the Authority, irrespective of whether suchparties have notice thereof. The resolution by which a pledge is created need notbe filed or recorded except in the records of the Authority. The use anddisposition of money to the credit of the sinking fund shall be subject to theprovisions of the resolution authorizing the issuance of such bonds. Any suchresolution may, in the discretion of the Authority, provide for the transfer ofsurplus money in the sinking fund to the credit of the Loan Fund. Except as mayotherwise be provided in such resolution, such sinking fund shall be a fund forall such bonds without distinction or priority of one over another. (1967, c. 1177.)