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1 1 General Assembly of North Carolina Session 2009 1 consult with the Trust on the manner in which the bonds or notes will be sold and the price or 2 prices at which the bonds or notes will be sold. With the approval of the Trust, the Local 3 Government Commission shall sell the bonds or notes either at public or private sale in the 4 manner and at the prices determined to be in the best interest of the Trust and to effect the 5 purposes of this Article. 6 Bonds or notes may be issued under this Article without obtainin~pt as otherwise 7 expressly_provided in this Article, the consent of any department, division, commission, board, 8 body, bureau, or other ag~y of the State or without any other proceedings or conditions 9 except as specifically authorized by this Article or b~provisions of the resolution 10 authorizing the issuance of, or any trust agreement securing, the bonds or notes. 11 ~ Each bond or note that is represented by an instrument shall contain a statement 12 si ng ed by the Secretary of the Local Government Commission, or an assistant desi nay ted by 13 the Secretary, certifying that the issuance of the bond or note has been approved under this 14 Article. The signature may be a manual signature or a facsimile signature, as determined by the 15 Local Government Commission. Each bond or note that is not represented by an instrument 16 shall be evidenced by a writing relating to the obligation that identifies the obligation or the 17 issue of which it is a part, contains the signed statement certi ~ing_approval of the Local 18 Government Commission that is required on an instrument, and is filed with the Local 19 Government Commission. A certification of approval by the Local Government Commission is 20 conclusive evidence that a bond or note complies with this Article. 21 ~ The proceeds of a bond or note shall be used solely for the purposes for which the 22 bond or note was issued and shall be disbursed in accordance with the resolution authorizing 23 the issuance of the bond or note and with any trust agreement securing the bond or note. 24 ~ Prior to the preparation of definitive bonds, the Trust may issue interim receipts or 25 temporary bonds, with or without coupons, exchangeable for definitive bonds when the bonds 26 have been executed and are available for delivery. 27 ~ The Trust may secure a bond or note issued under this Article by a trust agreement 28 between the Trust and a corporate trustee. The corporate trustee ma bye an_y trust compan~or 29 bank having the powers of a trust company inside or outside the State. The Trust may secure a 30 bond or note issued under this Article by a deed of trust. The trustee of the deed of trust may be 31 an individual who is a resident of the State. A bank or trust company that is incorporated in this 32 State and is a depository of the proceeds of obligations, revenues, or other money of the Trust 33 may furnish indemnifying bonds or pledge securities required by the Trust. 34 The pled eg of any assets, income, or revenues of the Trust to the payment of the principal 35 of or the interest on any obligations of the Trust is binding from the time the pledge is made, 36 and any assets, income, or revenues of the Trust are immediately subject to the lien of the 37 pledge without any physical delivery or other act. The lien created by a pledge is binding 38 against all persons who have claims of any kind against the Trust, regardless of whether they 39 have notice of the lien. 40 ~ A resolution authorizing the issuance of a bond or note and a trust agreement 41 securing a bond or note may provide that any moneys held under the resolution or trust 42 agreement may be temporarily invested pending; disbursement. Any officer with whom, or any 43 bank or trust company with which, the moneys are deposited is considered a trustee of the 44 moneys and must hold and apply the moneys for their stated purpose in accordance with this 45 Article and the resolution or trust agrreement. The Trust may invest an~ys as allowed in 46 G.S. 147-69.1 for investments of the State Treasurer or in this subsection. 47 In connection with or incidental to the acquisition or carr~g of any investment relating' to 48 bonds, program of investment relating to bonds, or carrying of bonds, the Trust may, with the 49 approval of the Local Government Commission, enter into a contract to place the investment or 50 obligation of the Trust, as represented by the bonds, investment, or program of investment and 5967 [Filed] F-2 Attachment number 3 Page 97 of 320