§ 122A-15. Refunding obligations. - North Carolina Statutes

§122A‑15.  Refunding obligations.

The Agency is herebyauthorized to provide for the issuance of refunding obligations for the purposeof refunding any obligations then outstanding which shall have been issuedunder the provisions of this Chapter, including the payment of any redemptionpremium thereon and any interest accrued or to accrue to the date of redemptionof such obligations and, if deemed advisable by the Agency, for any corporatepurpose of the Agency. The issuance of such obligations, the maturities andother details thereof, the rights of the holders thereof, and the rights,duties and obligations of the Agency in respect of the same shall be governedby the provisions of this Chapter which relate to the issuance of obligations,insofar as such provisions may be appropriate therefor.

Refunding obligations may besold or exchanged for outstanding obligations issued under this Chapter and, ifsold, the proceeds thereof may be applied, in addition to any other authorizedpurposes, to the purchase, redemption or payment of such outstandingobligations. Pending the application of the proceeds of any such refundingobligations, with any other available funds, to the payment of the principal,accrued interest and any redemption premium on the obligations being refunded,and, if so provided or permitted in the resolution authorizing the issuance ofsuch refunding obligations or in the trust agreement securing the same, to thepayment of any interest on such refunding obligations and any expenses in connectionwith such refunding, such proceeds may be invested in direct obligations of, orobligations the principal of and the interest on which are unconditionallyguaranteed by, the United States of America which shall mature or which shallbe subject to redemption by the holders thereof, at the option of such holders,not later than the respective dates when the proceeds, together with theinterest accruing thereon, will be required for the purposes intended. (1965,c. 1235, s. 15; 1973, c. 1296, s. 55.)