§ 18B-208. ABC Commission bonds and funds. - North Carolina Statutes

§ 18B‑208.  ABCCommission bonds and funds.

(a)        Issuance of Bonds.– As a means of raising the funds needed from time to time in the design,acquisition, construction, equipping, maintenance and operation of a warehouseunder G.S. 18B‑204(a)(3), the Commission may, with the approval of theGovernor, at one time or from time to time issue negotiable revenue bonds ofthe Commission. The issuance of revenue bonds shall not directly or indirectlyor contingently obligate the State to levy or to pledge any form of taxation orto make any appropriation for their payment. Revenue bonds issued pursuant tothis subsection shall be repaid from the bailment surcharge as provided insubsection (b). These bonds and the income from them are exempt from alltaxation within the State.

(b)        Special Fund. – Aspecial fund in the office of the State Treasurer, the ABC Commission Fund, iscreated. On and after November 1, 1982, all moneys derived from the collectionof bailment charges and bailment surcharges shall be deposited in the ABCCommission Fund for the purpose of carrying out the provisions of this Chapter.The ABC Commission Fund shall be subject to the provisions of the State BudgetAct except that no unexpended surplus of this fund shall revert to the GeneralFund. The Commission shall fix the level of the bailment surcharges at anamount calculated to cover operating expenses of the Commission and theretirement of bonds issued for construction of a Commission warehouse andoffices. Upon payment of the bonds issued pursuant to this section, theCommission shall reduce the bailment surcharge to an amount no greater thannecessary to pay operating expenses of the Commission as authorized by theGeneral Assembly.

All moneys credited to the ABCCommission Fund shall be used to carry out the intent and purposes of the ABClaw in accordance with plans approved by the North Carolina ABC Commission andthe Director of the Budget, and all these funds are appropriated, reserved, setaside, and made available until expended for the administration of the ABC law.(1981 (Reg.Sess., 1982), c. 1285, s. 4; 1983, c. 761, s. 133; 1987, c. 832, s. 1; 1989, c.800 s. 6; 2006‑203, s. 13.)