NORTH CAROLINA GENERAL ASSEMBLY
1967 SESSION

CHAPTER 711
HOUSE BILL 917

AN ACT TO AMEND ARTICLE 34, CHAPTER 160 OF THE GENERAL STATUTES, BEING THE REVENUE BOND ACT OF ONE THOUSAND NINE HUNDRED THIRTY-EIGHT, SO AS TO AUTHORIZE THE SECURING OF FUNDS IN ADVANCE OF DELIVERY OF REVENUE BONDS SOLD TO THE UNITED STATES OF AMERICA AND TO AUTHORIZE ISSUANCE OF ONE BOND PAYABLE IN INSTALLMENTS.

The General Assembly of North Carolina do enact:

Section 1.  Section 160-416 of the General Statutes is hereby amended by adding the following at the end of said Section:
"At any time or from time to time prior to actual delivery of bonds sold to the United States of America, or to an agency thereof, the governing body may, by resolution adopted as hereinabove provided, authorize the borrowing of money from the United States of America, or from such agency, by execution of a request for advance of funds repayable from the sale proceeds of such bonds. The governing body shall cause a certified copy of each such resolution and a statement as to amount of advance made pursuant thereto, its date and interest rate, if any, to be filed with the Local Government Commission before said delivery, and the State Treasurer is hereby authorized to apply, at the time of delivery, proceeds from sale of the bonds to payment of the aggregate principal amount of all such advances and interest accrued thereon, if any."
Sec. 2.  Section 160-417 of the General Statutes is hereby amended by changing the semicolon after the word "dates" in line three of said Section to a comma and inserting thereafter the following:
"or, in the case of a single registered bond, may be payable in installments;".
Sec. 3.  All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 4.  This Act shall be in full force and effect from and after its ratification.
In the General Assembly read three times and ratified, this the 6th day of June, 1967.