§ 159-164. Form of notes to be issued. - North Carolina Statutes

§ 159‑164.  Form ofnotes to be issued.

Bond anticipation loans shall be evidenced by negotiable notes inbearer form or by certificated or uncertificated registered public obligationspursuant to the Registered Public Obligations Act. Such notes and certificatedregistered public obligations are hereby declared to be investment securitieswithin the meaning of Article 8 of the Uniform Commercial Code as enacted inthis State. Bond anticipation notes may be renewed or extended from time totime, but not beyond the time period allowed in G.S. 159‑161. Thegoverning board may authorize the issuance of bond anticipation notes byresolution which shall fix the maximum aggregate principal amount of the notesand may authorize any officer to fix, within the limitations prescribed by theresolution, the rate of interest, the place or places of payment, and thedenomination or denominations of the notes. The notes shall be signed with themanual or facsimile signatures of officers designated by the governing board forthat purpose, but at least one manual signature must appear on each note (whichmay be the  signature of the representative of the Commission to theCommission's  certificate). The resolution shall specify the form and manner ofexecution of the notes. (1917, c. 138, ss. 13, 14; 1919, c. 178, s. 3(13), (14); C.S., ss.2934, 2935; 1921, c. 8, s. 1; Ex. Sess. 1921, c. 106, s. 1; 1927, c. 81, s. 39;1931, c. 293; 1939, c. 231, s. 1; 1953, c. 693, ss. 2, 4; 1969, c. 687, s. 3;1971, c. 780, s. 1; 1973, c. 494, s. 34; 1983, c. 322, s. 9.)