North Carolina General Statutes Chapter 159I Solid Waste Management Loan Program and Local Government Special Obligation Bonds

N.C. Gen. Stat. § 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;...
N.C. Gen. Stat. § 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...
N.C. Gen. Stat. § 159I-3. Definitions
(a) Unless a different meaning is required by the context, the following definitions shall apply throughout this Chapter: (1), (2) Repealed by Session Laws...
N.C. Gen. Stat. § 159I-4. Repealed by Session Laws 2011-266, s. 1.26(b), effective July 1, 2011
N.C. Gen. Stat. § 159I-5. General powers of the Board
The Board shall have all of the powers necessary or convenient to carry out and to effect the purposes and provisions of this Chapter,...
N.C. Gen. Stat. § 159I-6. Specific powers of the Board
(a) The Board shall have the discretion to enter into one or more loan agreements with a unit of local government, providing for the...
N.C. Gen. Stat. § 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...
N.C. Gen. Stat. § 159I-8. Eligible purpose
(a) Loans may be made by the Board to finance the cost of acquisition or construction of projects. Projects shall include solid waste management...
N.C. Gen. Stat. § 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...
N.C. Gen. Stat. § 159I-10. Eligible applicant
(a) In determining the eligibility of a unit of local government for financing a project with a loan from the Board, the Board may...
N.C. Gen. Stat. § 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...
N.C. Gen. Stat. § 159I-12. Units of local government authorized to borrow money from the Board by loans
(a) Any unit of local government determined by the Board to be eligible pursuant to G.S. 159I-10 may borrow money from the Board for...
N.C. Gen. Stat. § 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...
N.C. Gen. Stat. § 159I-14. Credit of State not pledged
Bonds or notes issued by the Board under the provisions of this Chapter shall not be secured by a pledge of the faith and...
N.C. Gen. Stat. § 159I-15. Bonds and notes
(a) The Board may provide for the issuance at one time or from time to time of bonds and notes, including bond anticipation notes...
N.C. Gen. Stat. § 159I-16. Trust agreement or resolution
(a) In the discretion of the Board, any bonds and notes issued under the provisions of this Chapter may be secured by a trust...
N.C. Gen. Stat. § 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...
N.C. Gen. Stat. § 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...
N.C. Gen. Stat. § 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...
N.C. Gen. Stat. § 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...
N.C. Gen. Stat. § 159I-21. Refunding bonds and notes
(a) The Board may issue bonds and notes for the purposes of refunding any bonds or notes issued pursuant to this Chapter, including the...
N.C. Gen. Stat. § 159I-22. Officers not liable
No member or officer of the Board shall be subject to any personal liability or accountability by reason of his execution of any bonds...
N.C. Gen. Stat. § 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...
N.C. Gen. Stat. § 159I-24. Conflicts of interest
If any member, officer, or employee of the Board shall be interested either directly or indirectly, or shall be an officer or employee of...
N.C. Gen. Stat. § 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,...
N.C. Gen. Stat. § 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...
N.C. Gen. Stat. § 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...
N.C. Gen. Stat. § 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...
N.C. Gen. Stat. § 159I-29. Annual reports to Joint Legislative Commission on Governmental Operations
(a) If the General Assembly appropriates funds for loans authorized by this Chapter in any fiscal year, the Office of State Budget and Management...
N.C. Gen. Stat. § 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...

Last modified: March 23, 2014