GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION LAW 2001-185
AN ACT TO INCREASE THE CAP ON BONDS OUTSTANDING FOR THE HOUSING FINANCE AGENCY FROM $1.5 BILLION TO $3 BILLION.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 122A-8 reads as rewritten:
The Agency is hereby authorized to provide for the issuance,
at one time or from time to time, of bonds and notes of the Agency to carry out
and effectuate its corporate purposes. 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. The total amount of bonds, bond
anticipation notes, and construction loan notes outstanding at any one time
shall not exceed one billion five hundred million dollars ($1,500,000,000) three
billion dollars ($3,000,000,000) excluding therefrom any bond anticipation
notes for the payment of which bonds have been issued. The principal of and the
interest on such bonds or notes shall be payable solely from the funds herein
provided for such payment. Any such notes may be made payable from the proceeds
of bonds or renewal notes or, in the event bond or renewal note proceeds are
not available, such notes may be paid from any available revenues or assets of
the Agency. The bonds or notes of each issue shall be dated and may be made
redeemable before maturity at the option of the Agency at such price or prices
and under such terms and conditions as may be determined by the Agency. Any
such bonds or notes shall bear interest at such rate or rates as may be
determined by the Local Government Commission of North Carolina with the
approval of the Agency. Notes shall mature at such time or times not exceeding
10 years from their date or dates and bonds shall mature at such time or times
not exceeding 43 years from their date or dates, as may be determined by the
Agency. The Agency shall determine the form and manner of execution of the
bonds or notes, including any interest coupons to be attached thereto, and shall
fix the denomination or denominations and the place or places of payment of
principal and interest, which may be any bank or trust company within or
without the State. In case any officer whose signature or a facsimile of whose
signature shall appear on any bonds or notes or coupons attached thereto shall
cease to be such officer before the delivery thereof, such signature or such
facsimile shall nevertheless be valid and sufficient for all purposes the same
as if he had remained in office until such delivery. The Agency may also
provide for the authentication of the bonds or notes by a trustee or fiscal
agent. The bonds or notes may be issued in coupon or in registered form, or
both, as the Agency may determine, and provision may be made for the registration
of any coupon bonds or notes as to principal alone and also as to both
principal and interest, and for the reconversion into coupon bonds or notes of
any bonds or notes registered as to both principal and interest, and for the
interchange of registered and coupon bonds or notes. Upon the filing with the
Local Government Commission of North Carolina of a resolution of the Agency
requesting that its bonds and notes be sold, such bonds or notes may be sold in
such manner, either at public or private sale, and for such price as the
Commission shall determine to be for the best interest of the Agency and best
effectuate the purposes of this Chapter, as long as the sale is approved by the
Agency.
The proceeds of any bonds or notes shall be used solely for the purposes for which issued and shall be disbursed in such manner and under such restrictions, if any, as the Agency may provide in the resolution authorizing the issuance of such bonds or notes or in the trust agreement hereinafter mentioned securing the same.
Prior to the preparation of definitive bonds, the Agency may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Agency may also provide for the replacement of any bonds or notes which shall become mutilated or shall be destroyed or lost.
Bonds or notes may be issued under the provisions of this Chapter without obtaining, except as otherwise expressly provided in this Chapter, the consent of any department, division, commission, board, body, bureau or agency of the State, and without any other proceedings or the happening of any conditions or things other than those proceedings, conditions or things which are specifically required by this Chapter and the provisions of the resolution authorizing the issuance of such bonds or notes or the trust agreement securing the same."
SECTION 2. This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 31st day of May, 2001.
s/ Beverly E. Perdue
President of the Senate
s/ James B. Black
Speaker of the House of Representatives
s/ Michael F. Easley
Governor
Approved 12:12 p.m. this 7th day of June, 2001