§ 142-17. Recital of facts entered on minutes; directions to Treasurer; limit of amount. - North Carolina Statutes

§142‑17.  Recital of facts entered on minutes; directions to Treasurer;limit of amount.

The Council of State, whensuch emergency arises during such interval, shall recite upon its minutes thefacts out of which it does arise, and thereupon direct the State Treasurer toborrow from time to time money needed to meet such emergency or calamity, notexceeding, however in the whole, five hundred thousand dollars ($500,000) inthe aggregate in the period between the adjournment of the present session ofthe General Assembly and the convening of the General Assembly in regularsession in 1929 and not exceeding five hundred thousand dollars ($500,000) inthe aggregate in any succeeding interval between regular sessions of theGeneral Assembly, and to execute in behalf of the State of North Carolina notesfor said money so borrowed to run not exceeding two years, and to bear interestnot exceeding five percent (5%) per annum, payable semiannually. Said notesshall be in such forms as the State Treasurer may determine, and theobligations for the interest thereupon after maturity shall be receivable inpayment of taxes, debts, dues, licenses, fines and demands due the State of anykind whatsoever. The said notes shall be  exempt from all State, county andmunicipal taxation or assessment, direct or indirect, general or special,whether imposed for the purpose of general revenue or otherwise, and theinterest thereon shall not be subject to taxation as for income, nor shall saidnotes be subject to taxation when constituting a part of the surplus of anybank, trust company, or other corporation. (1927, c. 49, s. 2.)