§ 142-29.5. Authorization of refunding obligations. - North Carolina Statutes

§142‑29.5.  Authorization of refunding obligations.

By and with the consent of theCouncil of State, the State Treasurer is authorized to issue and sell, fromtime to time, refunding obligations for the purpose of refunding outstandingobligations as and to the extent authorized by this Article.  The principalamount of any such refunding obligations shall not exceed the principal amountof outstanding obligations to be refunded unless (i) the refunding results inan aggregate debt service savings and (ii) the increase in the principal amountissued does not create cash‑in‑hand available for new capitalimprovements.

Refunding obligations issuedpursuant to the provisions of this Article shall not be subject to limitationsimposed by any other law including, without limitation, the other Articles ofthis Chapter. (1935, c. 445, s. 5; 1985 (Reg. Sess., 1986), c. 823,s. 1; 1993, c. 542, s. 13.)