§ 159D-26 – Liberal construction.
159D-26. 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.)
§ 159D-8 – Approval of bonds.
159D-8. 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 Secretary of […]
§ 159D-9 – Sale of bonds.
159D-9. 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 […]
§ 159D-10 – Location of projects.
159D-10. 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 […]
§ 159D-11 – Financing agreements.
159D-11. 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 (a) Every financing agreement shall provide that: (1) Repealed by Session Laws 1987, c. 517, s. 7.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 […]
§ 159D-12 – Security documents.
159D-12. 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 […]
§ 159D-13 – Trust funds.
159D-13. 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 […]
§ 159D-14 – Tax exemption.
159D-14. 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 […]
§ 159D-15 – Construction contracts.
159D-15. 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 the agency may require in such agreement. […]
§ 159D-16 – Conflict of interest.
159D-16. 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 interest shall […]