§ 142-29.4. Powers. - North Carolina Statutes

§142‑29.4.  Powers.

In addition to the powers itmay now or hereafter have, the State shall have the following powers, subjectto the provisions of this Article and applicable bond documentation:

(1)        to borrow money andissue one or more series of refunding obligations for the purpose of refundingall or any part of any series or combination of series of outstandingobligations including, without limitation, the payment of any redemptionpremium thereon and any interest accrued or to accrue to the date of redemptionor maturity or maturities of such outstanding obligations;

(2)        to apply theproceeds of refunding obligations

a.         to the payment andretirement of outstanding obligations by direct application to such payment andretirement,

b.         to the payment andretirement of outstanding obligations, whether by redemption or in accordancewith their terms, by the deposit in trust of such proceeds,

c.         to the payment ofany expenses incurred in connection with such refunding, including the expenseof any credit facility employed in connection with such refunding obligations,including, without limitation, bond insurance policies, letters of credit andlines of credit, and

d.         for such other usesnot inconsistent with any such refunding,

(3)        to issue refundingobligations in combination with any other bonds, bond anticipation notes, notesor financial obligations issued by the State;

(4)        to issue refundingobligations bearing interest at rates lower, the same as or higher than andhaving maturities shorter, the same as or longer than the outstandingobligations being refunded;

(5)        to issue one seriesof refunding obligations to refund one or more series of outstandingobligations;

(6)        to issue refundingobligations in exchange for outstanding obligations;

(7)        to apply to anypurpose consistent with any refunding, including the funding of an escrow fundor account to be used for the payment or redemption of any outstandingobligations, moneys made available as a consequence of such refunding,including, without limitation, any moneys then on deposit in debt servicereserve funds, principal accounts, interest accounts and sinking fund accountsin respect of the outstanding obligations being refunded and, subject to theapproval of the Council of State, any moneys appropriated by the GeneralAssembly for the payment of principal of or interest on the outstandingobligations being refunded; and

(8)        to invest anymoneys, including any moneys held in trust, in  authorized investments. (1935,c. 445, s. 4; 1985 (Reg. Sess., 1986), c. 823, s. 1.)