§ 159-165. Sale and delivery of bond anticipation notes. - North Carolina Statutes

§ 159‑165.  Sale and delivery of bondanticipation notes.

(a)        Bond anticipation notes of a municipality, including specialobligation bond anticipation notes issued pursuant to Chapter 159I of theGeneral Statutes, shall be sold by the Commission at public or private saleaccording to such procedures as the Commission may prescribe. Bond anticipationnotes of the State shall be sold by the State Treasurer at public or privatesale, upon such terms and conditions, and according to such procedures as theState Treasurer may prescribe.

(b)        (See note) Whenthe bond anticipation notes are executed, they shall be delivered to the StateTreasurer who shall deliver them to the order of the purchaser and collect thepurchase price or proceeds. The Treasurer shall then deduct from the proceedsthe Commission's expense in connection with the issue, and remit the netproceeds to the official depository of the unit after assurance that thedeposit will be adequately secured as required by law. The net proceeds ofrevenue bond anticipation notes or special obligation bond anticipation notesshall be remitted to the trustee or other depository specified in the trustagreement or resolution securing them. If the notes have been issued to renewoutstanding notes, the Treasurer, in lieu of collecting the purchase price orproceeds, may provide for the exchange of the newly issued notes for the notesto be renewed.

(b)        (For effective date, seenote) When the bond anticipation notes are executed, they shall bedelivered to the State Treasurer who shall deliver them to the order of thepurchaser and collect the purchase price or proceeds. The Treasurer shall thendeduct from the proceeds the Commission's expense in connection with the issue,and remit the net proceeds to the official depository of the unit afterassurance that the deposit will be adequately secured as required by law. Thenet proceeds of revenue bond anticipation notes, special obligation bondanticipation notes, or project development financing debt instrument anticipationnotes shall be remitted to the trustee or other depository specified in thetrust agreement or resolution securing them. If the notes have been issued torenew outstanding notes, the Treasurer, in lieu of collecting the purchaseprice or proceeds, may provide for the exchange of the newly issued notes forthe notes to be renewed. (1917, c. 138, s. 14;1919, c. 178, s. 3(14); C.S., s. 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,s. 2; 1969, c. 687, s. 3; 1971, c. 780, s. 1; 1973, c. 494, s. 35; 1983, c.554, s. 20; 1989, c. 756, s. 7; 2003‑403, s. 14.)