§ 159C-1 – Short title.
159C-1. Short title. This Chapter may be referred to as the "Industrial and Pollution Control Facilities Financing Act." (1975, c. 800, s. 1.)
§ 159C-10 – Location of projects.
159C-10. Location of projects. Except as provided in this section, any project or projects of an authority shall be located within the boundaries of the county for which the authority was created. A portion or portions of any project including, but not limited to, any real or personal property or improvements necessary or convenient for […]
§ 159C-11 – Financing agreements.
159C-11. Financing agreements. (a) Every financing agreement shall provide that: (1) The amounts payable under the financing agreement shall be sufficient to pay all of the principal of and redemption premium, if any, and interest on the bonds issued by the authority to pay the cost of the project as they respectively become due. (2) […]
§ 159C-12 – Security documents.
159C-12. Security documents. Bonds issued under the provisions of this Chapter may be secured by a security document which may be a trust instrument between the authority 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 […]
§ 159C-13 – Trust funds.
159C-13. Trust funds. Notwithstanding any other provisions of law to the contrary, all money received pursuant to the authority of this Chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this Chapter. The security document may […]
§ 159C-14 – Tax exemption.
159C-14. Tax exemption. The authority shall not be required to pay any taxes on any project or on any other property owned by the authority under the provisions of this Chapter or upon the income therefrom. The interest on bonds issued by the authority shall be exempt from all income taxes within the State. All […]
§ 159C-15 – Construction contracts.
159C-15. Construction contracts. The authority 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 approvals by the authority as the authority may require in such agreement. […]
§ 159C-16 – Conflict of interest.
159C-16. Conflict of interest. If any officer, commissioner or employee of the authority, or any member of the governing body of the county for which the authority is created, shall be interested either directly or indirectly in any contract with the authority, such interest shall be disclosed to the authority and the county board of […]
§ 159C-17 – Credit of State not pledged.
159C-17. Credit of State not pledged. Bonds issued under the provisions of this Chapter shall not be deemed to constitute a debt of the State or any political subdivision or any agency thereof or a pledge of the faith and credit of the State or any political subdivision or any such agency, but shall be […]
§ 159C-18 – Bonds eligible for investment.
159C-18. Bonds eligible for investment. Bonds issued by an authority under the provisions of this Chapter are hereby made securities in which all public officers and agencies of the State and all political subdivisions, all insurance companies, trust companies, banking associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest funds, […]
§ 159C-19 – Revenue refunding bonds.
159C-19. Revenue refunding bonds. (a) Each authority is authorized to provide by resolution for the issuance of refunding bonds of the authority for the purpose of refunding any bonds then outstanding that have been issued under the provisions of this Chapter, including the payment of any redemption premium on them and any interest accrued or […]
§ 159C-2 – Legislative findings and purposes.
159C-2. 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 serious menace to the safety, morals and general welfare of […]
§ 159C-20 – No power of eminent domain.
159C-20. No power of eminent domain. No authority shall have any right or power to acquire any property through the exercise of eminent domain or any proceedings in the nature of eminent domain. (1975, c. 800, s. 1.)
§ 159C-21 – Dissolution of authorities.
159C-21. Dissolution of authorities. Whenever the board of commissioners of an authority and the governing body of the county for which such authority was created shall by joint resolution determine that the purposes for which the authority was formed have been substantially fulfilled and that all bonds theretofore issued and all other obligations theretofore incurred […]
§ 159C-22 – Annual reports; application of Article 3, Subchapter III of Chapter 159.
159C-22. Annual reports; application of Article 3, Subchapter III of Chapter 159. Each authority shall, promptly following the close of each calendar year, submit an annual report of its activities for the preceding year to the governing body of the county for which the authority was created. Each such report shall set forth a complete […]
§ 159C-23 – Officers not liable.
159C-23. Officers not liable. No commissioner of any authority shall be subject to any personal liability or accountability by reason of his execution of any bonds or the issuance thereof. (1975, c. 800, s. 1.)
§ 159C-24 – Additional method.
159C-24. Additional method. The foregoing sections of this Chapter shall be deemed to provide an additional and alternative method for the doing of the things authorized thereby and shall be regarded as supplemental and additional to powers conferred by other laws, and shall not be regarded as in derogation of any powers now existing; provided, […]
§ 159C-25 – Liberal construction.
159C-25. Liberal construction. This Chapter, being necessary for the prosperity and welfare of the State and its inhabitants, shall be liberally construed to effect the purposes hereof. (1975, c. 800, s. 2.)
§ 159C-26 – Inconsistent laws inapplicable.
159C-26. Inconsistent laws inapplicable. Insofar as the provisions of this Chapter are inconsistent with the provisions of any general, special or local laws, or parts thereof, the provisions of this Chapter shall be controlling. (1975, c. 800, s. 3.)
§ 159C-27 – Creation, etc., of prior authorities ratified.
159C-27. Creation, etc., of prior authorities ratified. The creation, formation and organization of all authorities heretofore [prior to June 24, 1977] purported to have been created, formed and organized are hereby ratified, confirmed and validated. (1977, c. 719, s. 9.)