N.C. Gen. Stat. § 159D-1
Short title
Short title. This Article may be referred to as "The North Carolina Industrial and Pollution Control Facilities Financing Act." (1977, 2nd Sess., c. 1198, s. 1; 1987, c. 517, s. 1; 2000-179, s. 2.)
North Carolina General Statutes Chapter 159D — The North Carolina Capital Facilities Financing Act.
North Carolina · statute · N.C. Gen. Stat. ch. 159D · 47 active provisions
N.C. Gen. Stat. § 159D-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. § 159D-3
Definitions
Definitions. The following terms, whenever used or referred to in this Article, shall have the following respective meanings, unless a different meaning clearly appears from the context: (1) "Agency" means the North Carolina Capital Facilities Finance Agency, an agency of the State created pursuant to G.S. 159D-38 of t…
N.C. Gen. Stat. § 159D-4.1
Jurisdiction of the agency
Jurisdiction of the agency. All actions taken by counties, local officials, the Secretary of State, the State Treasurer, and other interested parties to create and organize The North Carolina Industrial Facilities and Pollution Control Financing Authority are ratified and confirmed. All duties, powers, jurisdiction, an…
N.C. Gen. Stat. § 159D-5
General powers
General powers. The agency shall have all of the powers necessary or convenient to carry out and effectuate the purposes and provisions of this Article, including all of the following: (1) To adopt bylaws for the regulation of its affairs and the conduct of its business and to prescribe rules, regulations and policies…
N.C. Gen. Stat. § 159D-6
Bonds
Bonds. (a) The agency is authorized to provide for the issuance, at one time or from time to time, of bonds of the agency 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 under the redemption of such bonds shall be payable solely from the fu…
N.C. Gen. Stat. § 159D-7
Approval of project by Secretary of Commerce
Approval of project by Secretary of Commerce. (a) Approval Required. - No bonds may be issued by the agency pursuant to this Article unless the project for which their issuance is proposed is first approved by the Secretary of Commerce. The agency shall file an application for approval of its proposed project with the…
N.C. Gen. Stat. § 159D-8
Approval of bonds
Approval of bonds. (a) No bonds may be issued by the agency pursuant to this Article unless the issuance is first approved by the Local Government Commission. The agency shall file an application for approval of its proposed bond issue with the secretary of the Local Government Commission, and shall notify the Secretar…
N.C. Gen. Stat. § 159D-9
Sale of bonds
Sale of bonds. Bonds issued under this Article may be sold in such manner, either at public or private sale, and for such price as the Local Government Commission determines to be for the best interests of the agency and effectuate best the purposes of this Article irrespective of the interest limitations set forth in…
N.C. Gen. Stat. § 159D-10
Location of projects
Location of projects. Any project of the agency shall be located within the boundaries of the State. Bonds may not be issued to finance any project or group of projects in any county of the State unless the board of commissioners for the county in which the project is located has consented to the location of the projec…
N.C. Gen. Stat. § 159D-11
Financing agreements
Financing agreements. (a) Every financing agreement shall provide that: (1) Repealed by Session Laws 1987, c. 517, s. 7. (2) The amounts payable under the financing agreement shall be sufficient to pay all of the principal of and interest and redemption premium, if any, and interest on the bonds issued by the agency to…
N.C. Gen. Stat. § 159D-12
Security documents
Security documents. (a) Bonds issued under the provisions of this Article may be secured by a security document which may be a trust instrument between the agency 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. § 159D-13
Trust funds
Trust funds. Notwithstanding any other provisions of law to the contrary, all money received pursuant to the authority of this Article, whether as proceeds from the sale of bonds or as revenues, are trust funds to be held and applied solely as provided in this Article. The security document may provide that any of the…
N.C. Gen. Stat. § 159D-14
Tax exemption
Tax exemption. The agency is not required to pay any taxes on any project or on any other property owned by the agency under the provisions of this Article or upon the income from the property. The interest on bonds issued by the agency is exempt from all income taxes within the State. All projects and all transactions…
N.C. Gen. Stat. § 159D-15
Construction contracts
Construction contracts. The agency 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 approval by the agency as…
N.C. Gen. Stat. § 159D-16
Conflict of interest
Conflict of interest. If any officer, commissioner or employee of the agency is interested either directly or indirectly in any contract with the agency, such interest shall be disclosed to the agency and shall be set forth in the minutes of the agency, and the officer, commissioner, employee or member having such inte…
N.C. Gen. Stat. § 159D-17
Credit of State not pledged
Credit of State not pledged. Bonds issued under the provisions of this Article do not constitute a debt of the State or any political subdivision or a pledge of the faith and credit of the State or any political subdivisions, but shall be payable solely from the revenues and other funds provided for payment. Each bond…
N.C. Gen. Stat. § 159D-18
Bonds eligible for investment
Bonds eligible for investment. Bonds issued by the agency under the provisions of this Article are securities in which all public officers and agencies of the State and all political subdivisions, and all insurance companies, trust companies, banking associations, investment companies, executors, administrators, truste…
N.C. Gen. Stat. § 159D-19
Revenue refunding bonds
Revenue refunding bonds. (a) The agency is authorized to provide by resolution for the issuance of refunding bonds of the agency for the purpose of refunding any bonds then outstanding that have been issued under the provisions of this Article, or under the provisions of Chapter 159C of the General Statutes, including…
N.C. Gen. Stat. § 159D-20
No power of eminent domain
No power of eminent domain. The agency shall not have any right or power to acquire any property through the exercise of eminent domain or any proceedings in the nature of eminent domain. (1977, 2nd Sess., c. 1198, s. 1; 2000-179, s. 2.)
N.C. Gen. Stat. § 159D-24
Officers not liable
Officers not liable. No member of the Board of Directors of the agency shall be subject to any personal liability or accountability by reason of the issuance or execution of any bonds. (1977, 2nd Sess., c. 1198, s. 1; 2000-179, s. 2.)
N.C. Gen. Stat. § 159D-25
Additional method
Additional method. The foregoing sections of this Article provide an additional and alternative method for the doing of the things authorized and are supplemental and additional to powers conferred by other laws. They do not derogate any other powers. The issuance of bonds or refunding bonds under the provisions of thi…
N.C. Gen. Stat. § 159D-26
Liberal construction
Liberal construction. This Article, being necessary for the prosperity and welfare of the State and its inhabitants, shall be liberally construed to effect its purposes. (1977, 2nd Sess., c. 1198, s. 1; 2000-179, s. 2.)
N.C. Gen. Stat. § 159D-27
Inconsistent laws inapplicable
Inconsistent laws inapplicable. Insofar as the provisions of this Article are inconsistent with the provisions of any general, special or local laws, or parts thereof, the provisions of this Article shall be controlling. (1977, 2nd Sess., c. 1198, s. 1; 2000-179, s. 2.) §§ 159D-28 through 159D-34. Reserved for future c…
N.C. Gen. Stat. § 159D-35
Short title
Short title. This Article shall be known, and may be cited, as the "Private Capital Facilities Finance Act." (1985 (Reg. Sess., 1986), c. 794, s. 1; 1998-124, s. 2; 2000-179, s. 2.)
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