§ 159D-52. Refunding bonds or notes. - North Carolina Statutes

§ 159D‑52. Refunding bonds or notes.

(a)        The agency is authorized to provide for the issuance ofrefunding bonds or notes for the purpose of refunding any bonds or notes thenoutstanding which have been issued under the provisions of this Article,including the payment of any redemption premium and any interest accrued or toaccrue to the date of redemption of the bonds or notes and, if consideredadvisable by the agency, for any corporate purpose of the agency, including,without limitation:

(1)        Constructing improvements, additions, extensions orenlargements of the project in connection with which the bonds or notes to berefunded shall have been issued, and

(2)        Paying all or any part of the cost of any additionalproject.

(b)        The issuance of refunding bonds or notes, their maturitiesand other details the rights of their holders, and the rights, duties andobligations of the agency are governed by the provisions of this Article whichrelate to the issuance of bonds or notes, as appropriate.

Refunding bonds may be sold or exchanged for outstanding bonds issuedunder this Article and, if sold, their proceeds, and investment earnings onthem, may be applied, with any other available funds, to the purchase,redemption, or payment of the bonds being refunded, to the payment of anyinterest on the refunding bonds, and to the payment of any expenses inconnection with the refunding. The proceeds may be invested in directobligations of, or obligations the principal of and the interest on which areunconditionally guaranteed by, the United States of America if the obligationsmature or are subject to redemption by the holders, at their option not laterthan the respective dates when the proceeds, together with the interest accruedthereon, will be required for the purposes intended. (1985 (Reg. Sess., 1986), c. 794, s. 18; 2000‑179,s. 2.)