North Carolina General Statutes Chapter 142 State Debt

Article 1 - General Provisions.

N.C. Gen. Stat. § 142-1. How bonds executed; interest coupons attached; where payable; not to be sold at less than par
All bonds or certificates of debt of the State shall be signed by the Governor, and countersigned by the State Treasurer, and sealed with...
N.C. Gen. Stat. § 142-2. Title of act and year of enactment recited in bonds
In every bond or certificate of debt issued by the State, and in the body thereof, shall be set forth the title of the...
N.C. Gen. Stat. § 142-3. Record of bonds kept by State Treasurer
The State Treasurer shall enter in a book to be kept for that purpose a memorandum of every bond or certificate of debt of...
N.C. Gen. Stat. § 142-4. Books for registration and transfer
The State Treasurer shall keep in his office a register or registers for the registration and transfer of all bonds and certificates of the...
N.C. Gen. Stat. § 142-5. Registration as to principal
Upon the presentation at the office of the State Treasurer of any bond or certificate that has heretofore been or may hereafter be issued...
N.C. Gen. Stat. § 142-6. Registration as to principal and interest
(a) If, upon the registration of any such bond or certificate dated prior to January 1, 1965, or at any time after such registration,...
N.C. Gen. Stat. § 142-7. No charge for registration
There shall be no charge for the registration of any bond or certificate whether registered at the time of issuance thereof or subsequently registered,...
N.C. Gen. Stat. § 142-8. Application of �� 142-1 to 142-9
General Statutes 142-1 to 142-9, both inclusive, as amended, shall be applicable to all bonds or certificates of the State heretofore issued and now...
N.C. Gen. Stat. § 142-9. Duties performed by other officers
If the Council of State shall at any time find that either the Governor or the State Treasurer is unable by reason of absence,...
N.C. Gen. Stat. § 142-10. Chief clerk may issue when Treasurer unable to act
Whenever it shall appear by formal finding of the Governor and Council of State, within seven days before any bonds or notes of the...
N.C. Gen. Stat. § 142-11. When bonds deemed duly executed
State bonds duly authorized by law and approved by the Governor and Council of State shall be regarded as duly executed by proper officers...
N.C. Gen. Stat. § 142-12. State bonds exempt from taxation
Bonds and other evidences of indebtedness issued by the State are exempt from State taxation to the extent provided in the act authorizing their...
N.C. Gen. Stat. § 142-12.1. Effect of federal taxation of interest income on state or local bonds on issuance thereof; continuation of state tax exemptions
(a) It is hereby found, determined and declared that: (1) From time to time bills have been introduced in the United States Congress providing...
N.C. Gen. Stat. § 142-13. Destruction of canceled bonds, notes and coupons
All canceled bonds, notes and interest coupons of the State may be destroyed in one of the following ways, in the discretion of the...
N.C. Gen. Stat. § 142-14. Issuance of temporary bonds
Whenever the State Treasurer shall be authorized by law to issue bonds or notes of the State, and all acts, conditions and things required...
N.C. Gen. Stat. § 142-15. Reimbursement of Treasurer for interest
Whenever it shall become necessary for the State Treasurer to borrow money to provide the maintenance fund for any State institution, the said Treasurer...
N.C. Gen. Stat. § 142-15.1. Lost, stolen, defaced, or destroyed State bonds
(a) If lost, stolen, or completely destroyed, any State bond, note, or coupon may be reissued in the same form and tenor upon the...
N.C. Gen. Stat. § 142-15.3. Capital appreciation bonds
(a) Cross-Reference. - The provisions of G.S. 159-99 govern capital appreciation bonds. (b) Authorization. - The State is authorized to issue capital appreciation bonds...

Article 2 - Borrowing Money in Emergencies and in Anticipation of Collection of Taxes.

N.C. Gen. Stat. § 142-16. Governor and Council of State may borrow on note
The Governor and Council of State may authorize and empower the State Treasurer in the intervals between sessions of the General Assembly, to borrow...
N.C. Gen. Stat. § 142-17. Recital of facts entered on minutes; directions to Treasurer; limit of amount
The Council of State, when such emergency arises during such interval, shall recite upon its minutes the facts out of which it does arise,...
N.C. Gen. Stat. § 142-18. Report to General Assembly
At each, the next regular or extra session of the General Assembly, the Governor and Council of State shall report to it the proceedings...
N.C. Gen. Stat. § 142-19. Power given to Director of Budget to authorize State Treasurer to borrow money
The Director of the Budget by and with the consent of the Governor and Council of State shall have authority to authorize and direct...

Article 3 - Refunding Bonds.

N.C. Gen. Stat. § 142-20 to 142-29. Repealed by Session Laws 1985 (Reg. Sess., 1986), c. 823, s. 1

Article 3A - Refunding Bonds.

N.C. Gen. Stat. § 142-29.1. Title of Article
This Article may be known and cited as the "State Refunding Bond Act." (1935, c. 445, s. 1; 1985 (Reg. Sess., 1986), c. 823,...
N.C. Gen. Stat. § 142-29.2. Definitions
The words and phrases defined in this section shall have the meanings indicated when used in this Article, unless the context clearly requires another...
N.C. Gen. Stat. § 142-29.3. Purpose
The purpose of this Article is to provide statutory procedures or to supplement existing procedures for the issuance of refunding obligations. (1935, c. 445,...
N.C. Gen. Stat. § 142-29.4. Powers
In addition to the powers it may now or hereafter have, the State shall have the following powers, subject to the provisions of this...
N.C. Gen. Stat. § 142-29.5. Authorization of refunding obligations
By and with the consent of the Council of State, the State Treasurer is authorized to issue and sell, from time to time, refunding...
N.C. Gen. Stat. § 142-29.6. Sale of refunding obligations and provisions thereof
(a) The bonds shall bear such date or dates, shall be serial or term bonds, shall mature in such amounts and at such times,...
N.C. Gen. Stat. § 142-29.7. Additional refunding obligation provisions
In fixing the details of refunding obligations, the State Treasurer may provide that any of the refunding obligations: (1) May be made payable from...

Article 4 - Sinking Fund Commission.

N.C. Gen. Stat. § 142-30 through 142-43. Repealed by Session Laws 1983, c. 913, s. 30

Article 5 - Sinking Funds for Highway Bonds.

N.C. Gen. Stat. § 142-44 through 142-46. Repealed by Session Laws 1983, c. 913, s. 30

Article 5A - Exchange and Cancellation of Bonds Held in Sinking Funds; Investment of Moneys.

N.C. Gen. Stat. § 142-47 through 142-49. Repealed by Session Laws 1983, c. 913, s. 30

Article 7 - General Fund Bond Sinking Fund.

N.C. Gen. Stat. § 142-50 through 142-54. Repealed by Session Laws 1983, c. 913, s. 30
N.C. Gen. Stat. § 142-55 through 142-59. Reserved for future codification purposes

Article 8 - State Energy Conservation Finance Act.

N.C. Gen. Stat. § 142-60. Short title
This Article is the State Energy Conservation Finance Act. (2002-161, s. 9.)
N.C. Gen. Stat. § 142-61. Definitions
The following definitions apply in this Article: (1) Certificates of participation. - Certificates or other instruments delivered by a special corporation as provided in...
N.C. Gen. Stat. § 142-62. Reserved for future codification purposes
N.C. Gen. Stat. § 142-63. Authorization of financing contract
Subject to the terms and conditions set forth in this Article, (i) a State governmental unit that is implementing an energy conservation measure pursuant...
N.C. Gen. Stat. § 142-64. Procedure for incurrence or issuance of financing contract
(a) When a State governmental unit (i) is implementing an energy conservation measure pursuant to G.S. 143-64.17L and financing it pursuant to this Article...
N.C. Gen. Stat. § 142-65. Security; other requirements
(a) In order to secure the performance by the State of its obligations under a financing contract or any other related documentation, the State...
N.C. Gen. Stat. § 142-66. Payment provisions
The payment of amounts payable by the State under a financing contract and any other related documentation during any fiscal biennium or fiscal year...
N.C. Gen. Stat. § 142-67. Certificates of participation
(a) If the State Treasurer determines that the State would realize debt service savings under one or more financing contracts if certificates of participation...
N.C. Gen. Stat. § 142-68. Tax exemption
Any financing contract entered pursuant to this Article, and any certificates of participation relating to it, shall at all times be free from taxation...
N.C. Gen. Stat. § 142-69. Other agreements
The State Treasurer may authorize, execute, obtain, or otherwise provide for bond insurance, investment contracts, credit and liquidity facilities, credit enhancement facilities, interest rate...
N.C. Gen. Stat. § 142-70. Investment eligibility
Financing contracts entered into pursuant to this Article, and any certificates of participation relating to them, are securities or obligations in which all of...
N.C. Gen. Stat. § 142-71. Reserved for future codification purposes
N.C. Gen. Stat. § 142-72. Reserved for future codification purposes
N.C. Gen. Stat. § 142-73. Reserved for future codification purposes
N.C. Gen. Stat. § 142-74. Reserved for future codification purposes
N.C. Gen. Stat. § 142-75. Reserved for future codification purposes
N.C. Gen. Stat. § 142-76. Reserved for future codification purposes
N.C. Gen. Stat. § 142-77. Reserved for future codification purposes
N.C. Gen. Stat. § 142-78. Reserved for future codification purposes
N.C. Gen. Stat. § 142-79. Reserved for future codification purposes

Article 9 - State Capital Facilities Finance Act.

N.C. Gen. Stat. § 142-80. Short title
This Article may be cited as the State Capital Facilities Finance Act. (2003-284, s. 46.2; 2003-314, s. 1; 2004-203, s. 79.)
N.C. Gen. Stat. § 142-81. Findings and purpose
The General Assembly finds as follows: (1) There is a continuing need for capital facilities for the State, many of which will continue to...
N.C. Gen. Stat. § 142-82. Definitions
The following definitions apply in this Article: (1) Bonded indebtedness. - Limited obligation bonds and bond anticipation notes, including refunding bonds and notes, authorized...
N.C. Gen. Stat. § 142-83. Authorization of special indebtedness; General Assembly approval
(a) General Assembly Approval. - The State may incur or issue special indebtedness subject to the terms and conditions provided in this Article for...
N.C. Gen. Stat. § 142-84. Procedure for incurrence or issuance of special indebtedness
(a) Notice and Certificate. - Whenever the State or a State agency determines that special indebtedness is appropriate to finance capital facilities, it shall...
N.C. Gen. Stat. § 142-85. Security; other requirements
(a) Security. - In order to secure (i) lease or installment payments to be made to the lessor, seller, or other person advancing moneys...
N.C. Gen. Stat. § 142-86. Financing contract indebtedness
(a) Documentation. - Financing contract indebtedness shall not be incurred until all documentation providing for its incurrence has been approved by the State Treasurer...
N.C. Gen. Stat. § 142-87. Additional requirements for certificates of participation indebtedness
(a) Documentation. - A financing contract shall not be used in connection with the delivery of certificates of participation by a special corporation until...
N.C. Gen. Stat. § 142-88. Bonded indebtedness
The State Treasurer is authorized, by and with the consent of the Council of State as provided in this Article, to issue and sell...
N.C. Gen. Stat. § 142-89. Issuance of limited obligation bonds and notes
(a) Terms and Conditions. - Bonds or notes may bear any dates; may be serial or term bonds or notes, or any combination of...
N.C. Gen. Stat. § 142-90. Variable rate demand bonds and notes and financing contract indebtedness
(a) In fixing the details of special indebtedness, the State Treasurer may make the special indebtedness subject to any of the following conditions: (1)...
N.C. Gen. Stat. § 142-91. Other agreements
The State Treasurer may authorize, execute, obtain, or otherwise provide for bond insurance, investment contracts, credit and liquidity facilities, credit enhancement facilities, interest rate...
N.C. Gen. Stat. § 142-92. Tax exemption
Special indebtedness shall at all times be free from taxation by the State or any political subdivision or any of their agencies, excepting estate,...
N.C. Gen. Stat. § 142-93. Investment eligibility
Special indebtedness are securities or obligations in which all of the following may invest, including capital in their control or belonging to them: public...
N.C. Gen. Stat. § 142-94. Procurement of capital facilities
The provisions of Articles 3, 3B, 3C, 3D, and 8 of Chapter 143 of the General Statutes and any other laws or rules of...
N.C. Gen. Stat. § 142-95. Repealed by Session Laws 2007-527, s. 39, effective August 31, 2007
N.C. Gen. Stat. § 142-96. Reserved for future codification purposes
N.C. Gen. Stat. § 142-97. Reserved for future codification purposes
N.C. Gen. Stat. § 142-98. Reserved for future codification purposes
N.C. Gen. Stat. § 142-99. Reserved for future codification purposes

Article 10 - Managing Debt Capacity.

N.C. Gen. Stat. § 142-100. Purpose
The purpose of this Article is to provide tools for sound debt management by providing an annual debt affordability study to establish guidelines for...
N.C. Gen. Stat. § 142-101. Debt Affordability Advisory Committee
(a) Membership. - The Debt Affordability Advisory Committee is created in the Department of State Treasurer. The Committee shall consist of five ex officio...
N.C. Gen. Stat. § 142-102. Reserved for future codification purposes
N.C. Gen. Stat. § 142-103. Reserved for future codification purposes
N.C. Gen. Stat. § 142-104. Reserved for future codification purposes
N.C. Gen. Stat. § 142-105. Reserved for future codification purposes
N.C. Gen. Stat. § 142-106. Reserved for future codification purposes

Last modified: March 23, 2014