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General Assembly of North Carolina Session 2009 1 ~ Be made subject to redemption or a mandatory tender for purchase prior to 2 maturi 3 ~ Be capital appreciation bonds. 4 ~ Bear interest at a rate or rates that ma~ry, including variations permitted 5 pursuant to a par formula. 6 ~ Be made the subject of a remarketing agreement whereby an attempt is made 7 to remarket the bonds or notes to new purchasers prior to their presentment 8 for payment to the provider of the credit facility or to the Trust. 9 ~ Notes and bonds shall mature at the times determined by the Trust, not to exceed 40 10 years from the date of issue. The Trust shall determine the form and manner of execution of a 11 bond or note, including any interest coupons to be attached to the bond or note. The Trust shall 12 fix the denominations and places of payment of principal and interest of the bond or note. The 13 principal of and interest on a bond or note may be paid at any bank or trust com_pany whether 14 located inside or outside the United States of America. 15 ~ The validity of a bond, note, or coupon that has the signature or facsimile si ng_ature 16 of a person who was an officer when the bond, note, or coupon was signed or the facsimile 17 signature attached but who is not that officer when the bond, note or coupon is delivered is not 18 affected by the change in officers. A bond, note, or coupon may bear the signature or facsimile 19 s~nature of a person who will be the QroQer officer to sign the bond, note or coupon when it is 20 executed but who is not the officer on the date of the bond, note or coupon. 21 ~ The Trust mawprovide for any of the following_ 22 ~ Authentication of a bond or note by a trustee or other authenticatin~a~ent. 23 ~2,~ Issuance of a bond or note as a certificated obligation, an uncertificated 24 obligation, or both. 25 ~ Issuance of a bond or note in coupon form, in registered form, or both. 26 ~ Registration of a coupon bond or note as to principal alone or as to both 27 principal and interest. 28 ~ The reconversion of a bond or note registered as to both principal and 29 interest into a coupon bond or note. 30 ~ The interchan e of registered and coupon bonds or notes. 31 ~ A system for registration in accordance with Chapter 159E of the General 32 Statutes. 33 ~ Replacement of a bond or note that has been mutilated, lost or destro. 34 ~f The Trust may not issue a bond or note under this Article, other than an obli ag tion 35 permitted under G.S. 77-123(a1(22), unless its issuance is approved by the Local Government 36 Commission, and it is sold by the Local Government Commission. To obtain approval of a 37 bond or note the Trust shall file an application for approval with the Local Government 38 Commission. The application shall contain the information required by the Local Government 39 Commission. 40 In determining whether to approve a proposed bond or note issue of the Trust the Local 41 Government Commission shall consider the following: 42 ~ For bonds or notes to finance activities of the Trust, the criteria for its 43 approval of revenue bonds under G.S. 159-86. 44 ~ The effect of the proposed financing upon andproposed or scheduled sale of 45 obligations by the State, another State agency, or a unit of local government. 46 The Local Government Commission shall approve the proposed bond or note issue if it 47 determines that the proposed financing for the issue meets the criteria and will effect the 48 purposes of this Article. 49 When the Local Government Commission approves a bond or note issue of the Trust the 50 Trust may submit a written reauest to the Local Government Commission to sell the approved 51 bonds or notes. Upon receiving a written request the Local Government Commission shall i 0 i i~ i 0 n i~ 0 i I~ u Attachment number 3 Page 8 F-2 5967 [~a6 of 320