North Carolina Statutes

Chapter 159I Solid Waste Management Loan Program and Local Government Special Obligation Bonds

  • § 159I-1   Short title
    This Chapter may be cited as the Solid Waste Management Loan Program and Local Government Special Obligation Bond Act. (1989, c. 756, s. 1; 2002‑72,...
  • § 159I-2   Findings and purpose
    The General Assembly finds that units of local government need a source of funds to implement solid waste management programs. Units of local government will...
  • § 159I-3   Definitions
    (a) Unless a different meaning is required by the context, the following definitions shall apply throughout this Chapter: (1) "Administrative charges" means any charge made...
  • § 159I-4   Creation of Agency
    (a) A body politic and corporate to be known as the "North Carolina Solid Waste Management Capital Projects Financing Agency" is created. This Agency shall...
  • § 159I-5   General powers of the Agency
    The Agency shall have all of the powers necessary or convenient to carry out and to effect the purposes and provisions of this Chapter, including,...
  • § 159I-6   Specific powers of the Agency
    (a) The Agency shall have the discretion to enter into one or more loan agreements with a unit of local government, providing for the making...
  • § 159I-7   Solid Waste Management Loan Fund
    (a) A Fund to be known as the Solid Waste Management Loan Fund is established. Moneys appropriated to, paid to, or earned by this Fund...
  • § 159I-8   Eligible purpose
    (a) Loans may be made by the Agency to finance the cost of acquisition or construction of projects. Projects shall include solid waste management projects...
  • § 159I-9   Application
    (a) All applications for loans shall be filed with the Division. The information required in the application shall be sufficient to permit the Division to...
  • § 159I-10   Eligible applicant
    (a) In determining the eligibility of a unit of local government for financing a project with a loan from the Agency, the Agency may consider:...
  • § 159I-11   Priority factors
    (a) The Commission for Public Health shall adopt, pursuant to Chapter 150B of the General Statutes, rules for the assignment of a priority to each...
  • § 159I-12   Units of local government authorized to borrow money from the Agency by loans
    (a) Any unit of local government determined by the Agency to be eligible pursuant to G.S. 159I‑10 may borrow money from the Agency for the...
  • § 159I-13   Sources and security for units of local government
    (a) The source or sources of and the security for payment of each loan agreement shall be determined by the governing body of such unit...
  • § 159I-14   Credit of State not pledged
    Bonds or notes issued by the Agency under the provisions of this Chapter shall not be secured by a pledge of the faith and credit...
  • § 159I-15   Bonds and notes
    (a) The Agency may provide for the issuance at one time or from time to time of bonds and notes, including bond anticipation notes and...
  • § 159I-16   Trust agreement or resolution
    (a) In the discretion of the Agency, any bonds and notes issued under the provisions of this Chapter may be secured by a trust agreement...
  • § 159I-17   Trust funds
    Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to this Chapter, including, without limitation, payments made under and the proceeds...
  • § 159I-18   Remedies
    Any owner of bonds or notes issued under the provisions of this Chapter or any coupons appertaining thereto, and the trustee under any trust agreement...
  • § 159I-19   Status of bonds and notes under Uniform Commercial Code
    All bonds and notes and interest coupons, if any, issued under this Chapter are hereby made investment securities within the meaning of and for all...
  • § 159I-20   Bonds and notes eligible for investment
    Bonds and notes issued under the provisions of this Chapter are hereby made securities in which all public offices, agencies, and public bodies of the...
  • § 159I-21   Refunding bonds and notes
    (a) The Agency may issue bonds and notes for the purposes of refunding any bonds or notes issued pursuant to this Chapter, including the payment...
  • § 159I-22   Officers not liable
    No member or officer of the Agency shall be subject to any personal liability or accountability by reason of his execution of any bonds or...
  • § 159I-23   Tax exemption
    All of the bonds and notes authorized by this Chapter shall be exempt from all State, county, and municipal taxation or assessment, direct or indirect,...
  • § 159I-24   Conflicts of interest
    If any member, officer, or employee of the Agency shall be interested either directly or indirectly, or shall be an officer or employee of or...
  • § 159I-25   Disbursement
    (a) The proceeds of any bonds or notes to be used to make loans shall be disbursed by, or pursuant to the direction of, the...
  • § 159I-26   Withdrawal of commitment
    Failure of an applicant, within one year of the date of acceptance of a loan application to arrange for necessary financing of the proposed project,...
  • § 159I-27   Inspection
    (a) The Division shall perform one or more inspections of each project and shall monitor its progress. If the Division determines that the project is...
  • § 159I-28   Rules
    (a) The Office of State Budget and Management and the Commission for Public Health may adopt, modify and repeal rules establishing the procedures to be...
  • § 159I-29   Annual reports to Joint Legislative Commission on Governmental Operations
    (a) The Office of State Budget and Management and the Division shall prepare and file on or before July 31 of each year with the...
  • § 159I-30   Additional powers of units of local government; issuance of special obligation bonds and notes
    (a) Authorization. Any unit of local government may borrow money for the purpose of financing or refinancing its cost of the acquisition or construction of...