§ 142-67. Certificates of participation. - North Carolina Statutes

§ 142‑67.  Certificatesof participation.

(a)        If the StateTreasurer determines that the State would realize debt service savings underone or more financing contracts if certificates of participation are issuedwith respect to the rights to receive payments under the financing contract,then the State Treasurer is authorized to take actions, with the consent of theCouncil of State, that will effectuate the delivery of certificates ofparticipation for that purpose.

(b)        Terms; Interest. –Certificates of participation may be sold by the State Treasurer in the manner,either at public or private sale, and for any price or prices that the StateTreasurer determines to be in the best interest of the State and to effect thepurposes of this Article, except that the terms of the sale must also beapproved by the special corporation. Interest payable with respect tocertificates of participation shall accrue at the rate or rates determined bythe State Treasurer with the approval of the special corporation.

(c)        Trust Agreement. –Certificates of participation may be delivered pursuant to a trust agreement orsimilar instrument with a corporate trustee approved by the State Treasurer. (2002‑161, s. 9.)