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' General Assembly of North Carolina Session 2009 1 subdivision of the State for anv purpose for which the deposit of bonds notes or obligations of 2 the State is now or may be authorized by law 3 "& 77-126. Refunding bonds or notes. 4 ~ The Trust may issue refunding bonds or notes for the purpose of refunding any 5 outstanding bonds or notes issued under this Article including an ry edemption premium on the 6 bonds or notes and anv interest accrued or to accrue to the date of redemption Refunding ' 7 bonds or notes shall be issued in accordance with the same procedures and requirements as 8 bonds or notes. Refunding bonds or notes may be sold or exchanged for outstanding bonds and 9 notes issued under this Article. ' 10 Refunding bonds or notes may have different interest rates and maturities than the bonds or 11 notes being refunded. The proceeds of refunding bonds or notes maybe applied to any of the ' 12 13 following: ~ The pavment, purchase, and retirement of the bonds or notes being refunded 14 by direct application to the pa m~purchase and retirement t 15 16 ~ The pavment, purchase, and retirement of the bonds or notes being refunded b the deposit in trust of the proceeds. 17 ~ The pavment of anv expenses incurred in connection with the refunding 18 . ~4 ~ For anv other uses not inconsistent with the refunding ' 19 , . ~ The proceedings providing for the issuance of refunding bonds or notes may limit 20 the investments in which the proceeds of a particular refunding issue may be invested Unless 21 prohibited by the proceedings, the proceeds of refunding bonds or notes that are deposited in ' 22 trust for the pavment, purchase, and retirement of outstanding bonds or notes may be invested 23 in anv of the following 24 ~ Direct obligations of the United States of America. ' 25 ~ Obligations whose principal and interest are guaranteed by the United States 26 of America. 27 X3,2 Evidences of ownership of a proportionate interest in an obligation that is ' 28 described in subdivision (1) or (21 of this subsection and is held in a 29 custodial capacity by a bank or trust companyorganized under the laws of 30 the United States of America or a state. 31 ~ Obligations of the State or a unit of local government of the State when 32 pavment of the principal of and interest on the obligations has been provided 33 for by depositing with a trustee or other escrow agent obligations that meet 34 all of the following: ' 35 a. Are described in subdivisions (1 , (2), or (3) of this subsection. 36 b. When due and payable, will provide enough money when added to 37 38 any other money held in trust for this purpose to ~v the principal of premium, if any, and interest on the State or local obli ations. 39 c. Are rated in the highest category Standard & Poor's Corporation ' 40 41 and Moody's Investors Service, Inc. ~ Obligations of the State or a unit of local government when payment of the 42 principal and interest on the obligations is insured by a bond insurance 43 company rated in the highest categor~y Standard & Poor's Corporation and ' 44 Moody's Investors Service, Inc. 45 ~, Full faith and credit obligations of the State or a unit of local government of 46 the State that are rated in the highest categor~by Standard & Poor's ' 47 Corporation and Moody's Investors Service, Inc. 48 ~ An~bligations or investments in which the State Treasurer is then 49 authorized to invest funds of the State. ' S0 ~ This section does not limit any of the following ' 5967 [Filed] F-2 Attachment number 3 P~ggd ~9 of 320