NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

CHAPTER 1238

SENATE BILL 1081

AN ACT TO AMEND CHAPTER 122A OF THE GENERAL STATUTES TO PROVIDE FOR THE FINANCING BY THE NORTH CAROLINA HOUSING FINANCE AGENCY OF CONSTRUCTION MORTGAGE LOANS.

The General Assembly of North Carolina enacts:

Section 1.  Subsections (1) and (8) of G.S. 122A-3, as the same appear in the 1979 Cumulative Supplement to Volume 3B of the General Statutes, are rewritten to read:

"(1)      'Bonds' or 'notes' mean the bonds or the bond anticipation notes or construction loan notes authorized to be issued by the Agency under this Chapter; (8) 'Mortgage' or 'mortgage loan' means a mortgage loan for residential housing, including, without limitation, a mortgage loan to finance, either temporarily or permanently, the construction, rehabilitation or improvement of residential housing and a mortgage loan insured or guaranteed by the United States or an instrumentality thereof or for which there is a commitment by the United States or an instrumentality thereof to insure such a mortgage;".

Sec. 2.  The second sentence of G.S. 122A-8, as the same appears in the 1979 Cumulative Supplement to Volume 3B of the General Statutes, is rewritten to read:

"The Agency also is hereby authorized to provide for the issuance, at one time or from time to time of (i) bond anticipation notes in anticipation of the issuance of such bonds and (ii) construction loan notes to finance the making or purchase of mortgage loans to sponsors of residential housing for the construction, rehabilitation or improvement of residential housing; provided, however, that the total amount of bonds, bond anticipation notes and construction loan notes outstanding at any one time shall not exceed seven hundred fifty million dollars ($750,000,000) excluding therefrom any bond anticipation notes for the payment of which bonds shall have been issued."

Sec. 3.  This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 24th day of June, 1980.