§ 159-198 – Severability.
159-198. Severability. If any provision of this Article or its application is held invalid, the invalidity does not affect other provisions or applications of this Article that can be given effect without the invalid provisions or application, and to this end the provisions of this Article are severable. (2003-388, s. 4.)
§ 159-199 – Validation of preexisting swap agreements.
159-199. Validation of preexisting swap agreements. All proceedings taken by the governing bodies of governmental units in connection with the authorization of swap agreements and all swap agreements entered into by governmental units before the effective date of this Article are ratified. (2003-388, s. 4.)
§ 159-200 – Liberal construction.
159-200. 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. (2003-388, s. 4.)
§ 159-193 – Definitions.
159-193. Definitions. The following definitions apply in this Article: (1) Governmental unit. – Any of the following: a. A unit of local government as defined in G.S. 159-44. b. A municipality as defined in G.S. 159-81. c. A joint agency as defined in G.S. 159B-3. d. Any department, agency, board, commission, or authority of the […]
§ 159-194 – Swap agreements.
159-194. Swap agreements. (a) Subject to the provisions of this Article, a governmental unit may from time to time purchase, enter into, modify, amend, or terminate one or more swap agreements that it determines are necessary or desirable in connection with the issuance, incurrence, carrying, or securing of obligations. This authorization also includes the authority […]
§ 159-195 – Nature of duties of a governmental unit under a swap agreement.
159-195. Nature of duties of a governmental unit under a swap agreement. The duty of a governmental unit to make the payments required and to perform the other duties of the governmental unit under a swap agreement shall constitute a continuing contractual obligation of the governmental unit, enforceable in accordance with applicable law for the […]
§ 159-196 – Approval by Commission.
159-196. Approval by Commission. (a) Approval Required. – If either of the following conditions is met, a governmental unit shall not enter into a swap agreement unless the Commission first approves the governmental unit’s entering into the swap agreement: (1) The unit is a unit of local government as defined in G.S. 159-44, a municipality […]
§ 159-197 – Additional method.
159-197. Additional method. This Article provides an additional and alternative method for the doing of the things authorized by it and is supplemental to powers conferred by other laws. This Article does not derogate any existing powers. (2003-388, s. 4.)