§ 159B-17. Revenues. - North Carolina Statutes

§ 159B‑17.  Revenues.

(a)        A municipality is hereby authorized to fix, charge andcollect rents, rates, fees and charges for electric power and energy and otherservices, facilities and commodities sold, furnished or supplied through thefacilities of its electric system or its interest in any joint project. For solong as any bonds of a municipality are outstanding and unpaid, the rents,rates, fees and charges shall be so fixed as to provide revenues sufficient topay all costs of and charges and expenses in connection with the properoperation and maintenance of its electric system, and its interest in any jointproject, and all necessary repairs, replacements or renewals thereof, to paywhen due the principal of, premium, if any, and interest on all bonds and otherevidences of indebtedness payable from said revenues, to create and maintainreserves as may be required by any resolution or trust agreement authorizingand securing bonds, to pay when due the principal of, premium, if any, andinterest on all general obligation bonds heretofore or hereafter issued tofinance additions, improvements and betterments to its electric system, and topay any and all amounts which the municipality may be obligated to pay fromsaid revenues by law or contract.

(b)        A joint agency is hereby authorized to fix, charge, andcollect rents, rates, fees and charges for electric power and energy and otherservices, facilities and commodities sold, furnished or supplied through thefacilities of its projects or otherwise as authorized by this Chapter. For solong as any bonds of a joint agency are outstanding and unpaid, the rents,rates, fees and charges shall be so fixed as to provide revenues sufficient topay all costs of and charges and expenses in connection with the proper operationand maintenance of its projects, and all necessary repairs, replacements orrenewals thereof, to pay when due the principal of, premium, if any, andinterest on all bonds and other evidences of indebtedness payable from saidrevenues, to create and maintain reserves as may be required by any resolutionor trust agreement authorizing and securing bonds, and to pay any and allamounts which the joint agency may be obligated to pay from said revenues bylaw or contract.

(c)        Any pledge of revenues, securities or other moneys made by amunicipality, joint agency or joint municipal assistance agency pursuant tothis Chapter shall be valid and binding from the date the pledge is made. Therevenues, securities, and other moneys so pledged and then held or thereafterreceived by the municipality, joint agency or joint municipal assistance agencyor any fiduciary shall immediately be subject to the lien of the pledge withoutany physical delivery thereof or further act, and the lien of the pledge shallbe valid and binding as against all parties having claims of any kind in tort,contract, or otherwise against the municipality, joint agency or jointmunicipal assistance agency without regard to whether such parties have noticethereof. The resolution or trust agreement or any financing statement,continuation statement or other instrument by which a pledge of revenues,securities or other moneys is created need not be filed or recorded in anymanner. (1975, c. 186, s.1; 1983, c. 574, s. 9; 1985, c. 212, s. 2; 1991 (Reg. Sess., 1992), c. 888, s.4; 1995, c. 412, s. 13.)