§ 159-132. State Treasurer to deliver bonds and remit proceeds. - North Carolina Statutes

§ 159‑132.  StateTreasurer to deliver bonds and remit proceeds.

When the bonds are executed,they shall be delivered to the State Treasurer who shall deliver them to theorder of the purchaser and collect the purchase price or proceeds. TheTreasurer shall then pay from the proceeds any notes issued in anticipation ofthe sale of the bonds, deduct from the proceeds the Commission's expense inconnection with the issue, and remit the net proceeds to the officialdepository of the unit after assurance that the deposit will be adequatelysecured as required by law. The proceeds of funding or refunding bonds may bedeposited at the place of payment of the indebtedness to be refunded or fundedfor use solely in the payment of such indebtedness. The proceeds of revenuebonds shall be remitted to the trustee or other depository specified in thetrust agreement or resolution securing them. Unless otherwise provided in thetrust agreement or resolution securing the debt instruments, the proceeds ofproject development financing debt instruments shall be remitted in the mannerprovided by this section for the remission of the proceeds of generalobligation bonds. (1931,c. 60, s. 25; 1935, c. 356, s. 2; 1971, c. 780, s. 1; 1981 (Reg. Sess., 1982),c. 1276, s. 8; 2003‑403, s. 11.)