North Carolina Statutes

Chapter 122D North Carolina Agricultural Finance Act

  • § 122D-1   Short title
    This chapter shall be known and may be cited as the "North Carolina Agricultural Finance Act." (1983, c. 789, s. 1; 1985 (Reg. Sess., 1986),...
  • § 122D-2   Legislative findings and purposes
    (a) The General Assembly hereby finds and declares that there exists in the State of North Carolina a serious shortage of capital and credit available...
  • § 122D-3   Definitions
    As used in this Chapter, the following terms, unless the context clearly indicates a different meaning, shall have the following meanings: (1) "Agricultural Loan" means...
  • § 122D-4   North Carolina Agricultural Finance Authority
    (a) The North Carolina Agricultural Finance Authority, a body politic and corporate, is hereby created within the Department of Agriculture and Consumer Services. The Authority...
  • § 122D-5   Officers and employees; administration of Chapter
    (a) The Authority shall annually elect a chairman and vice‑chairman from its members. (b) The Authority may appoint an Executive Director. The salary of the...
  • § 122D-6   General powers of Authority
    The Authority shall have all the powers necessary to give effect to and carry out the purposes and provisions of this Chapter, including the following...
  • § 122D-7   Purchases and sales of agricultural loans
    The Authority may purchase or contract to purchase and sell or contract to sell agricultural loans made by lending institutions. All lending institutions are hereby...
  • § 122D-8   Loans to and deposits with lending institutions
    The Authority may make, or contract to make, loans to and deposits with lending institutions. All lending institutions may borrow funds and accept deposits from...
  • § 122D-9   Insurance of agricultural loans
    (a) The Authority may insure and reinsure agricultural loans made by lending institutions, subject to the terms, conditions, limitations, collateral and security provisions, and reserve...
  • § 122D-10   Bonds of the Authority
    (a) The Authority may issue from time to time bonds, notes, bond anticipation notes, renewal notes, refunding bonds, interim certificates, certificates of indebtedness, debentures, warrants,...
  • § 122D-11   Statutory pledge
    Any pledge made by the Authority shall be valid and binding from time to time when the pledge is made. The money, assets or revenues...
  • § 122D-12   Refunding bonds
    Subject to the rights of the holders of the bonds of the Authority, the Authority may issue from time to time its bonds for the...
  • § 122D-13   Purchase of bonds by Authority
    Subject to the rights of holders of bonds, the Authority shall have the power out of any funds available therefor, to purchase bonds of the...
  • § 122D-14   Exemption from taxes
    The exercise of the powers granted by this Chapter will be in all respects for the benefit of the people of the State, for their...
  • § 122D-15   Covenant of State
    In consideration of the acceptance of and payment for the bonds of the Authority by the holders thereof, the State does hereby pledge to and...
  • § 122D-16   Trust funds
    (a) Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to the authority of this Chapter shall be deemed to be...
  • § 122D-17   Bonds as legal investment and security for public deposits
    Obligations issued under the provisions of this Chapter are hereby made securities in which all public officers and public bodies of the State and its...
  • § 122D-18   Account and audits
    (a) Subject to the provisions of any contract with the holders of its bonds, the Authority shall establish a system of accounts. (b) The Authority...
  • § 122D-19   Cooperation of State agencies
    All State officers and agencies may render such services to the Authority within their respective functions as may be requested by the Authority. (1985 (Reg....
  • § 122D-20   Construction of Chapter
    This Chapter, being necessary for the welfare of the State and its residents, shall be liberally construed to effect the purposes thereof. (1983, c. 789,...
  • § 122D-21   Termination of the Authority
    In the event of the termination of the Authority, all of its rights, money, assets and revenues in excess of its obligations shall be deposited...
  • § 122D-22   Severability
    The provisions of this Chapter are severable, and if any provision of this Chapter is held invalid by a court of competent jurisdiction, the invalidity...
  • § 122D-23   Immunity
    There shall be no liability on the part of and no cause of action of any nature may arise against the members of the Authority...