§ 159D-35 – Short title.
159D-35. 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.)
§ 159D-36 – Legislative findings.
159D-36. Legislative findings. It is declared that for the benefit of the people of the State of North Carolina, the increase of their commerce, welfare and prosperity and the improvement of their health and living conditions it is essential that they be given the fullest opportunity to learn and to develop their intellectual capacities; that […]
§ 159D-37 – Definitions.
159D-37. Definitions. As used or referred to in this Article, the following words and terms have the following meanings, unless the context clearly indicates otherwise: (1) "Agency" means the North Carolina Capital Facilities Finance Agency or, should this agency be abolished or otherwise divested of its functions under this Article, the public body succeeding it […]
§ 159D-38 – Capital facilities finance agency.
159D-38. Capital facilities finance agency. (a) There is created a body politic and corporate to be known as "North Carolina Capital Facilities Finance Agency" which shall be constituted a public agency and an instrumentality of the State for the performance of essential public functions. The agency shall be governed by a board of directors composed […]
§ 159D-39 – General powers.
159D-39. 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 make and execute contracts and agreements necessary or incidental to the exercise of its powers and duties under this Article, including loan […]
§ 159D-40 – Criteria and requirements.
159D-40. Criteria and requirements. (a) In undertaking any project pursuant to this Article, the agency shall be guided by and shall observe the following criteria and requirements listed below. The determination of the agency as to its compliance with these criteria and requirements is conclusive. (1) No project shall be sold or leased nor any […]
§ 159D-41 – Procedural requirements.
159D-41. Procedural requirements. Any participating institution may submit to the agency, and the agency may consider, a proposal for financing a project using forms and following instructions prescribed by the agency. The proposal shall set forth the type and location of the project and may include other information and data respecting the project and the […]
§ 159D-42 – Operations of projects; agreements of sale on leases; conveyance of interest in projects.
159D-42. Operations of projects; agreements of sale on leases; conveyance of interest in projects. (a) The agency may sell or lease any project to a participating institution for operation and maintenance or lend money to any participating institution to effectuate the purposes of this Article, under a loan agreement or an agreement of sale or […]
§ 159D-43 – Construction contracts.
159D-43. Construction contracts. If the agency determines that the purposes of this Article will be more effectively served, the agency in its discretion may award or cause to be awarded contracts for the construction of any project on behalf of a participating institution upon a negotiated basis as determined by the agency. The agency shall […]
§ 159D-44 – Credit of State not pledged.
159D-44. Credit of State not pledged. Bonds or notes issued under the provisions of this Article shall not be secured by a pledge of the faith and credit of the State or of any political subdivision of the State, or create an indebtedness of the State, or of any political subdivision of the State requiring […]
§ 159D-45 – Bonds and notes.
159D-45. Bonds and notes. (a) The agency is authorized to provide for the issuance, at one time or from time to time, of bonds, or notes in anticipation of the issuance of bonds, of the agency to carry out and effectuate its corporate purposes. The principal of and the interest on such bonds or notes […]
§ 159D-46 – Trust agreement or resolution.
159D-46. Trust agreement or resolution. In the discretion of the agency any bonds or notes issued under the provisions of this Article may be secured by a trust agreement by and between the agency and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or […]
§ 159D-47 – Revenues; pledges of revenues.
159D-47. Revenues; pledges of revenues. (a) The agency is authorized to fix and to collect fees, loan repayments, purchase price payments, rents and charges for the use of any project, and any part or section of the project and to contract with any participating institution for its use. The agency may require that the participating […]
§ 159D-48 – Trust funds.
159D-48. Trust funds. Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to the authority of this Article, including fees, loan repayments, purchase price payments, rents, charges, insurance proceeds, condemnation awards and any other revenues and funds received in connection with any project, are trust funds to be held and applied […]
§ 159D-49 – Remedies.
159D-49. Remedies. Any holder of bonds or notes issued under the provisions of this Article or any coupons appertaining thereto, and the trustee under any trust agreement or resolution authorizing the issuance of such bonds or notes, except to the extent the rights herein given may be restricted by such trust agreement or resolution, may, […]
§ 159D-50 – Investment securities.
159D-50. Investment securities. All bonds, notes and interest coupons issued under this Article are investment securities within the meaning of and for all the purposes of Article 8 of the Uniform Commercial Code as enacted in this State, whether or not they are of such form and character as to be investment securities under that […]
§ 159D-51 – Bonds or notes eligible for investment.
159D-51. Bonds or notes eligible for investment. Bonds or notes issued under the provisions of this Article are securities in which all public officers and public bodies of the State and its political subdivisions, and all insurance companies, trust companies, banking associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest […]
§ 159D-52 – Refunding bonds or notes.
159D-52. Refunding bonds or notes. (a) The agency is authorized to provide for the issuance of refunding bonds or notes for the purpose of refunding any bonds or notes then outstanding which have been issued under the provisions of this Article, including the payment of any redemption premium and any interest accrued or to accrue […]
§ 159D-53 – Annual report.
159D-53. Annual report. The agency shall, promptly following the close of each fiscal year, submit an annual report of its activities under this Article for the preceding year to the Governor, the State Auditor, the General Assembly, and the Local Government Commission. The agency shall cause an audit of its books and accounts relating to […]
§ 159D-54 – Officers not liable.
159D-54. Officers not liable. No member or officer of the agency shall be subject to any personal liability or accountability by reason of the issuance or execution of any bonds or notes. (1985 (Reg. Sess., 1986), c. 794, s. 20; 2000-179, s. 2.)