§ 142-101 – Debt Affordability Advisory Committee.
142-101. Debt Affordability Advisory Committee. (a) Membership. – The Debt Affordability Advisory Committee is created in the Department of State Treasurer. The Committee shall consist of five ex officio members or their designees and four appointed members, as follows: (1) The State Treasurer. (2) The Secretary of Revenue. (3) The State Budget Officer. (4) The […]
§ 142-94 – Procurement of capital facilities.
142-94. Procurement of capital facilities. The provisions of Articles 3, 3B, 3C, 3D, and 8 of Chapter 143 of the General Statutes and any other laws or rules of the State that relate to the acquisition and construction of State property apply to the financing of capital facilities through the use of special indebtedness pursuant […]
§ 142-96 – Savings from refinancing of special indebtedness to be placed in the Savings Reserve Account.
142-96. Savings from refinancing of special indebtedness to be placed in the Savings Reserve Account. (a) Whenever special indebtedness issued or incurred pursuant to this Article is refinanced: (1) The General Assembly shall not reduce the funds appropriated for servicing the refinanced debt during the fiscal biennium in which the refinancing occurs. (2) The State […]
§ 142-97 – (Expires December 31, 2028 see note) Additional provisions with respect to Build NC Bonds.
142-97. (Expires December 31, 2028 – see note) Additional provisions with respect to Build NC Bonds. The following requirements and limitations apply to the issuance and sale of Build NC Bonds: (1) Subject to appropriation by the General Assembly, funds from the Highway Trust Fund shall be the source for repayment of special indebtedness resulting […]
§ 142-100 – Purpose.
142-100. Purpose. The purpose of this Article is to provide tools for sound debt management by providing an annual debt affordability study to establish guidelines for maintaining prudent debt levels and by establishing a system for prioritizing State capital needs when the needs exceed the State’s capacity for new debt. (2004-179, s. 5.1.)
§ 142-88 – Bonded indebtedness.
142-88. Bonded indebtedness. The State Treasurer is authorized, by and with the consent of the Council of State as provided in this Article, to issue and sell at one time or from time to time bonds of the State to be designated "State of North Carolina Limited Obligation Bonds, Series____ " or notes of the […]
§ 142-89 – Issuance of limited obligation bonds and notes.
142-89. Issuance of limited obligation bonds and notes. (a) (Effective January 1, 2019, and expires December 31, 2028) Terms and Conditions. – Bonds or notes may bear any dates; may be serial or term bonds or notes, or any combination of these; may mature in any amounts and at any times, not exceeding 15 years […]
§ 142-90 – Variable rate demand bonds and notes and financing contract indebtedness.
142-90. Variable rate demand bonds and notes and financing contract indebtedness. (a) In fixing the details of special indebtedness, the State Treasurer may make the special indebtedness subject to any of the following conditions: (1) It is payable from time to time on demand or tender for purchase by the owner thereof if a credit […]
§ 142-91 – Other agreements.
142-91. Other agreements. The State Treasurer may authorize, execute, obtain, or otherwise provide for bond insurance, investment contracts, credit and liquidity facilities, credit enhancement facilities, interest rate swap agreements and other derivative products, and any other related instruments and matters the State Treasurer determines are desirable in connection with the issuance of special indebtedness. The […]
§ 142-92 – Tax exemption.
142-92. Tax exemption. Special indebtedness shall at all times be free from taxation by the State or any political subdivision or any of their agencies, excepting income taxes on the gain from the transfer of the indebtedness; and franchise taxes. The interest component of any payments made by the State under special indebtedness, including the […]