North Carolina Statutes

Chapter 159C Industrial and Pollution Control Facilities Financing Act

  • § 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-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...
  • § 159C-3   Definitions
    The following definitions apply in this Chapter: (1) Agency. Any agency, bureau, commission, department, or instrumentality. (2) Air pollution control facility. Any structure, equipment, or...
  • § 159C-4   Creation of authorities
    (a) The governing body of any county is hereby authorized to create by resolution a political subdivision and body corporate and politic of the State...
  • § 159C-5   General powers
    Each authority shall have all of the powers necessary or convenient to carry out and effectuate the purposes and provisions of this Chapter, including, but...
  • § 159C-6   Bonds
    (a) Each authority is authorized to provide for the issuance, at one time or from time to time, of bonds of the authority for the...
  • § 159C-7   Approval of industrial projects and pollution control projects by Secretary of Commerce
    (a) Approval Required. No bonds may be issued by an authority to finance an industrial project or a pollution control project unless the project for...
  • § 159C-8   Approval of bonds
    (a) No bonds may be issued by an authority unless the issuance of the bonds is first approved by the Local Government Commission. The authority...
  • § 159C-9   Sale of bonds
    Bonds may be sold in such manner, either at public or private sale, and for such price as the Local Government Commission shall determine to...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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,...
  • § 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,...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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...
  • § 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,...
  • § 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...
  • § 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,...
  • § 159C-28   Repealed by Session Laws 2001-218, s. 5