§ 159-109. Special covenants. - North Carolina Statutes

§ 159‑109.  Specialcovenants.

A project developmentfinancing debt instrument order or a trust agreement securing projectdevelopment financing debt instruments may contain covenants regarding:

(1)        The pledge of all orany part of the taxes received or to be received on the incremental valuationin the development financing district during the life of the debt instruments.

(2)        Rates, fees,rentals, tolls, or other charges to be established, maintained, and collected,and the use and disposal of revenues, gifts, grants, and funds received or tobe received.

(3)        The setting aside ofdebt service reserves and the regulation and disposition of these reserves.

(4)        The custody,collection, securing, investment, and payment of any moneys held for thepayment of project development financing debt instruments.

(5)        Limitations orrestrictions on the purposes to which the proceeds of sale of projectdevelopment financing debt instruments may be applied.

(6)        Limitations orrestrictions on the issuance of additional project development financing debtinstruments or notes for the same development financing district, the termsupon which additional project development financing debt instruments or notesmay be issued or secured, or the refunding of outstanding project developmentfinancing debt instruments or notes.

(7)        The acquisition anddisposal of property for project development financing debt instrumentprojects.

(8)        Provision forinsurance and for accounting reports, and the inspection and audit ofaccounting reports.

(9)        The continuingoperation and maintenance of projects financed with the proceeds of the projectdevelopment financing debt instruments. (2003‑403, s. 2.)