§ 136-89.189. Turnpike Authority revenue bonds. - North Carolina Statutes

§ 136‑89.189.  TurnpikeAuthority revenue bonds.

The Authority shall be amunicipality for purposes of Article 5 of Chapter 159 of the General Statutes,the State and Local Government Revenue Bond Act, and may issue revenue bondspursuant to that Act to pay all or a portion of the cost of a Turnpike Projector to refund any previously issued bonds. In connection with the issuance ofrevenue bonds, the Authority shall have all powers of a municipality under theState and Local Government Revenue Bond Act, and revenue bonds issued by theAuthority shall be entitled to the protection of all provisions of the Stateand Local Government Revenue Bond Act.

Except as provided in thissection, the provisions of Chapter 159 of the General Statutes, the LocalGovernment Finance Act, apply to revenue bonds issued by the TurnpikeAuthority.

(1)        The term of a leasebetween the Turnpike Authority and the Department for all or any part of aTurnpike Project may exceed 40 years, as agreed by the Authority and theDepartment.

(2)        The maturity date ofa refunding bond may extend to the earlier of the following:

a.         Forty years from thedate of issuance of the refunding bond.

b.         The date theTurnpike Authority determines is the maturity date required for the TurnpikeProject funded with the refunding bonds to generate sufficient revenues toretire the refunding bonds and any other outstanding indebtedness issued forthat Project. The Authority's determination of the appropriate maturity date isconclusive and binding. In making its determination, the Authority may takeinto account appropriate financing terms and conventions.  (2002‑133, s. 1; 2009‑56,s. 2.)