§ 159B-14. Bonds of a joint agency. - North Carolina Statutes

§ 159B‑14.  Bondsof a joint agency.

A joint agency may issue bonds for the purpose of paying the cost of aproject and secure both the principal of and interest on the bonds by a pledgeof part or all of the revenues derived or to be derived from all or any of itsprojects, and any additions and betterments thereto or extensions thereof, orfrom the sale of power and energy and services and facilities related to theutilization of power and energy, or from other activities or facilitiespermitted in this Chapter, or from contributions or advances from its members.A joint agency may issue bonds that are not for the purpose of paying the costof a project and secure the bonds solely by a pledge of revenues, solely by asecurity interest in real or personal property, or by both a pledge of revenuesand a security interest in real or personal property. Bonds of a joint agencyshall be authorized by a resolution adopted by its governing board and spreadupon its minutes. (1975, c. 186, s.1; 1983, c. 574, s. 6; 1991, c. 513, s. 2; 1995, c. 412, s. 10.)