§ 159I-3. Definitions. - North Carolina Statutes

§ 159I‑3. Definitions.

(a)        Unless a different meaning is required by the context, thefollowing definitions shall apply throughout this Chapter:

(1)        "Administrative charges" means any charge made bythe Agency to a unit of local government for the providing of financingpursuant to this Chapter and may include, without limitation, charges forfinancing costs, charges for the costs of bond and reserve fund insurance, ofcredit‑enhancement and liquidity facilities, and of interest‑rateagreements, charges in respect of nonasset bond and investment incomedeficiencies, and charges for administrative expenses of the Agency incurred inthe exercise of its powers and duties conferred by this Chapter.

(2)        "Agency" means the North Carolina Solid WasteManagement Capital Projects Financing Agency.

(3)        "Board" means the board of directors of the Agencyor any other governing body of the Agency succeeding to the principal functionsof the Agency.

(4)        "Bonds" means the revenue bonds authorized to beissued by the Agency under this Chapter. As used in this Chapter, the term"bonds" does not include any loan agreement.

(5)        "Costs" means the capital cost of acquiring orconstructing any project, including, without limitation, the following:

a.         The costs of doing any or all of the following deemednecessary or convenient by a unit of local government:

1.         Acquiring, constructing, erecting, providing, developing,installing, furnishing, and equipping;

2.         Reconstructing, remodeling, altering, renovating, replacing,refurnishing, and re‑equipping;

3.         Enlarging, expanding, and extending; and

4.         Demolishing, relocating, improving, grading, draining,landscaping, paving, widening, and resurfacing.

b.         The costs of all property, both real and personal and bothimproved and unimproved, and of plants, works, appurtenances, structures,facilities, furnishings, machinery, equipment, vehicles, easements, waterrights, air rights, franchises, and licenses used or useful in connection withthe purpose authorized;

c.         The costs of demolishing or moving structures from landacquired and acquiring any lands to which such structures thereafter are to bemoved;

d.         Financing charges, including estimated interest during theacquisition or construction of such project and for six months thereafter;

e.         The costs of services to provide and the cost of plans,specifications, studies and reports, surveys, and estimates of costs andrevenues;

f.          The costs of paying any interim financing, includingprincipal, interest, and premium, related to the acquisition or construction ofa project;

g.         Administrative and legal expenses and administrativecharges;

h.         The costs of obtaining bond and reserve fund insurance andinvestment contracts, of credit‑enhancement facilities, liquidityfacilities and interest‑rate agreements, and of establishing andmaintaining debt service and other reserves; and

i.          Any other services, costs, and expenses necessary orincidental to the purpose authorized.

(6)        "Division" means the Division of Waste Managementof the Department of Environment and Natural Resources and any successor of theDivision of Waste Management.

(7)        "Loan" means moneys loaned by the Agency to a unitof local government for a project authorized by this Chapter.

(8)        "Loan agreement" means any bond, note, contract,loan agreement, or other written agreement of a unit of local governmentdelivered to the Agency and evidencing the unit's receipt of loan proceeds fromthe sale of all or a portion of the Agency's bonds or from other availablemoney of the Agency and setting forth the terms of the unit's agreement to makepayments to the Agency in respect of such loan.

(9)        "Local Government Commission" means the LocalGovernment Commission of the Department of the State Treasurer, established byArticle 2 of Chapter 159 of the General Statutes and any successor of saidCommission.

(10)      "Notes" means the revenue notes or revenue bondanticipation notes authorized to be issued by the Agency under this Chapter. Asused in this Chapter, the term "notes" does not include any loan agreement.

(11)      "Project" means any capital project authorized tobe financed in G.S. 159I‑8.

(12)      "Revenues" means all moneys received by the Agency,other than the proceeds received by the Agency from the sale of bonds or notesand moneys appropriated by the State for the Solid Waste Management Loan Fund,in connection with the providing of financing to units of local government,including without limitation:

a.         The payments received by the Agency of the principal of andpremium, if any, and interest on loan agreements;

b.         Administrative charges, but only to the extent determined bythe Agency; and

c.         Investment earnings on all revenues, funds, and other moneysof the Agency.

(13)      "Unit of local government" or "unit"means:

a.         A unit of local government as defined in G.S. 159‑44(4);

b.         Any combination of units, as defined in G.S. 160A‑460(2),entering into a contract or agreement with each other under G.S. 160A‑461;

c.         Any joint agency established under G.S. 160A‑462; asany such section may be amended from time to time;

d.         Any regional solid waste management authority createdpursuant to G.S. 153A‑421; or

e.         A consolidated city‑county as defined by G.S. 160B‑2(1),including such a consolidated city‑county acting with respect to an urbanservice district defined by a consolidated city‑county.

(b)        Unless a different meaning is required by the context, thedefinitions set out in G.S. 130A‑290, as such section may be amended fromtime to time, shall apply throughout this Chapter. (1989, c. 756, s. 1; 1989 (Reg. Sess., 1990), c. 888,s. 2; c. 1004, ss. 20, 47.1; c. 1024, s. 48; 1995, c. 461, s. 12; 1995 (Reg.Sess., 1996), c. 743, s. 24; 1997‑443, s. 11A.123.)