N.C. Gen. Stat. § 159C-1
Short title
Short title. This Chapter may be referred to as the "Industrial and Pollution Control Facilities Financing Act." (1975, c. 800, s. 1.)
North Carolina General Statutes Chapter 159C — Chapter 159C.
North Carolina · statute · N.C. Gen. Stat. ch. 159C · 27 active provisions
N.C. Gen. Stat. § 159C-2
Legislative findings and purposes
Legislative findings and purposes. (a) The General Assembly finds and determines that there exists in the State a critical condition of unemployment and a scarcity of employment opportunities; that the economic insecurity which results from such unemployment and scarcity of employment opportunities constitutes a seriou…
N.C. Gen. Stat. § 159C-3
Definitions
Definitions. The following definitions apply in this Chapter: (1) Agency. - Any agency, bureau, commission, department, or instrumentality. (2) Air pollution control facility. - Any structure, equipment, or other facility for, including any increment in the cost of any structure, equipment, or facility attributable to,…
N.C. Gen. Stat. § 159C-4
Creation of authorities
Creation of authorities. (a) The governing body of any county is hereby authorized to create by resolution a political subdivision and body corporate and politic of the State known as "The __________ (the blank space to be filled in with the name of the county) County Industrial Facilities and Pollution Control Financi…
N.C. Gen. Stat. § 159C-5
General powers
General powers. Each authority shall have all of the powers necessary or convenient to carry out and effectuate the purposes and provisions of this Chapter, including, but without limiting the generality of the foregoing, the powers: (1) To adopt bylaws for the regulation of its affairs and the conduct of its business…
N.C. Gen. Stat. § 159C-6
Bonds
Bonds. (a) Each authority is authorized to provide for the issuance, at one time or from time to time, of bonds of the authority for the purpose of paying all or any part of the cost of any project. The principal of, the interest on and any premium payable upon the redemption of the bonds shall be payable solely from t…
N.C. Gen. Stat. § 159C-7
Approval of industrial projects and pollution control projects by Secretary of Commerce
Approval of industrial projects and pollution control projects by Secretary of Commerce. (a) Approval Required. - No bonds may be issued by an authority to finance an industrial project or a pollution control project unless the project for which their issuance is proposed is first approved by the Secretary of Commerce.…
N.C. Gen. Stat. § 159C-8
Approval of bonds
Approval of bonds. (a) No bonds may be issued by an authority unless the issuance of the bonds is first approved by the Local Government Commission. The authority shall file an application for approval of its proposed bond issue with the Secretary of the Local Government Commission, and shall notify the Secretary of Co…
N.C. Gen. Stat. § 159C-9
Sale of bonds
Sale of bonds. Bonds may be sold in such manner, either at public or private sale, and for such price as the Local Government Commission shall determine to be for the best interests of the authority and effectuate best the purposes of this Chapter irrespective of the interest limitations set forth in G.S. 24-1.1, as am…
N.C. Gen. Stat. § 159C-10
Location of projects
Location of projects. Except as provided in this section, any project or projects of an authority shall be located within the boundaries of the county for which the authority was created. A portion or portions of any project including, but not limited to, any real or personal property or improvements necessary or conve…
N.C. Gen. Stat. § 159C-11
Financing agreements
Financing agreements. (a) Every financing agreement shall provide that: (1) The amounts payable under the financing agreement shall be sufficient to pay all of the principal of and redemption premium, if any, and interest on the bonds issued by the authority to pay the cost of the project as they respectively become du…
N.C. Gen. Stat. § 159C-12
Security documents
Security documents. Bonds issued under the provisions of this Chapter may be secured by a security document which may be a trust instrument between the authority and a bank or trust company or individual within the State, or a bank or a trust company without the State, as trustee. Such security document may pledge and…
N.C. Gen. Stat. § 159C-13
Trust funds
Trust funds. Notwithstanding any other provisions of law to the contrary, all money received pursuant to the authority of this Chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this Chapter. The security document may provid…
N.C. Gen. Stat. § 159C-14
Tax exemption
Tax exemption. The authority shall not be required to pay any taxes on any project or on any other property owned by the authority under the provisions of this Chapter or upon the income therefrom. The interest on bonds issued by the authority shall be exempt from all income taxes within the State. All projects and all…
N.C. Gen. Stat. § 159C-15
Construction contracts
Construction contracts. The authority may agree with the prospective operator that all contracts relating to the acquisition, construction, installation and equipping of a project shall be solicited, negotiated, awarded and executed by the prospective operator and its agents subject only to such approvals by the author…
N.C. Gen. Stat. § 159C-16
Conflict of interest
Conflict of interest. If any officer, commissioner or employee of the authority, or any member of the governing body of the county for which the authority is created, shall be interested either directly or indirectly in any contract with the authority, such interest shall be disclosed to the authority and the county bo…
N.C. Gen. Stat. § 159C-17
Credit of State not pledged
Credit of State not pledged. Bonds issued under the provisions of this Chapter shall not be deemed to constitute a debt of the State or any political subdivision or any agency thereof or a pledge of the faith and credit of the State or any political subdivision or any such agency, but shall be payable solely from the r…
N.C. Gen. Stat. § 159C-18
Bonds eligible for investment
Bonds eligible for investment. Bonds issued by an authority under the provisions of this Chapter are hereby made securities in which all public officers and agencies of the State and all political subdivisions, all insurance companies, trust companies, banking associations, investment companies, executors, administrato…
N.C. Gen. Stat. § 159C-19
Revenue refunding bonds
Revenue refunding bonds. (a) Each authority is authorized to provide by resolution for the issuance of refunding bonds of the authority for the purpose of refunding any bonds then outstanding that have been issued under the provisions of this Chapter, including the payment of any redemption premium on them and any inte…
N.C. Gen. Stat. § 159C-20
No power of eminent domain
No power of eminent domain. No authority shall have any right or power to acquire any property through the exercise of eminent domain or any proceedings in the nature of eminent domain. (1975, c. 800, s. 1.)
N.C. Gen. Stat. § 159C-21
Dissolution of authorities
Dissolution of authorities. Whenever the board of commissioners of an authority and the governing body of the county for which such authority was created shall by joint resolution determine that the purposes for which the authority was formed have been substantially fulfilled and that all bonds theretofore issued and a…
N.C. Gen. Stat. § 159C-22
Annual reports; application of Article 3, Subchapter III of Chapter 159
Annual reports; application of Article 3, Subchapter III of Chapter 159. Each authority shall, promptly following the close of each calendar year, submit an annual report of its activities for the preceding year to the governing body of the county for which the authority was created. Each such report shall set forth a…
N.C. Gen. Stat. § 159C-23
Officers not liable
Officers not liable. No commissioner of any authority shall be subject to any personal liability or accountability by reason of his execution of any bonds or the issuance thereof. (1975, c. 800, s. 1.)
N.C. Gen. Stat. § 159C-24
Additional method
Additional method. The foregoing sections of this Chapter shall be deemed to provide an additional and alternative method for the doing of the things authorized thereby and shall be regarded as supplemental and additional to powers conferred by other laws, and shall not be regarded as in derogation of any powers now ex…
N.C. Gen. Stat. § 159C-25
Liberal construction
Liberal construction. This Chapter, being necessary for the prosperity and welfare of the State and its inhabitants, shall be liberally construed to effect the purposes hereof. (1975, c. 800, s. 2.)
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