§ 159-210. Borrowing authority. - North Carolina Statutes

Article 14.

Borrowing by Airport Authorities.

§ 159‑210.  Borrowing authority.

Whenever an airport authority is authorized by general or local act toerect and construct improvements and facilities and to lease these improvementsand facilities, the authority may borrow money for use in making and paying forthese improvements and facilities, secured by and on the credit only of thelease agreements in respect to these improvements and facilities, and to pledgeand assign the leases and lease agreements as security for the authorizedloans. The airport authority's power to borrow money under this section issubject to the approval of the Commission. To the extent this section conflictswith any local act, then this section shall control. (2005‑342, s. 4.)