§ 159I-6. Specific powers of the Agency. - North Carolina Statutes

§ 159I‑6.  Specificpowers of the Agency.

(a)        The Agency shall have the discretion to enter into one ormore loan agreements with a unit of local government, providing for the makingof a loan by the Agency to the unit of local government, to finance or refinancethe cost of the acquisition or construction of a project; and

(b)        Any loan agreement entered into by the Agency with a unit oflocal government shall be in writing and shall set forth the terms andconditions agreed to between the Agency and the unit of local government forthe Agency's loan to such unit of local government including, withoutlimitation, the following:

(1)        The term of such loan agreement;

(2)        The payment provisions and prepayment provisions, if any,required:

a.         To enable the Agency to administer its programs;

b.         To pay when due the principal of and premium, if any, andinterest on bonds or notes or other obligations of the Agency incurred to makesuch loan; and

c.         To pay or reimburse the Agency for such unit'sadministration charges and the cost of establishing and maintaining anyreserves;

(3)        The security for payment by the unit of local government ofthe loan; and

(4)        Such other provisions and covenants as the Board mayrequire.

(c)        Nothing in this Chapter shall be deemed to change theapplication of the provisions of Article 8 of Chapter 143 of the GeneralStatutes, relating to competitive bidding for public contracts, or theapplication of the provisions of Article 3 of Chapter 143 of the GeneralStatutes specifically including the provisions of G.S. 143‑49(6), as itapplies to units of local government financing projects under this Chapter. Tothe extent that units comply with such competitive bidding requirements, thereshall be no further requirements in respect of the Agency. (1989, c. 756, s. 1.)