§ 159-188. Borrowing authority. - North Carolina Statutes

Article 12.

Borrowing by Development Authorities Created by GeneralAssembly.

§ 159‑188.  Borrowing authority.

A development authority created as a body corporate and politic by anact of the General Assembly, and having as its purpose to stimulate, foster,coordinate, plan, improve and encourage economic development in order torelieve poverty, dependency, chronic unemployment, underemployment and topromote the improvement and development of the economy of a county of theState, and whose members are appointed by the board of commissioners of suchcounty, shall have authority to borrow money from an agency or instrumentalityof the United States government and to execute and deliver obligations for therepayment thereof and to encumber its property for the purpose of  securing anysuch obligation and to execute and deliver such mortgages, deeds of trust andother instruments as are necessary or proper for such purpose; provided, thatsuch obligations shall be repayable only from the revenues of such authority.

Insofar as the provisions of this section are not consistent with theprovisions of any other section or law, public or private, the provisions ofthis section shall be controlling. (1979, c. 512, ss. 1, 2.)