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General Assembly of North Carolina Session 2009 1 ~ The period for which the proceeds of refunding bonds or notes may be held 2 in trust to retire the bonds or notes that are being refunded and have not 3 matured are not redeemable or if redeemable, have not been called for 4 redemption. 5 ~ The power to issue bonds or notes for the combined purpose of refunding 6 outstanding bonds or notes and of providing funds for any other corporate 7 purpose. 8 "& 77-127. Public hearing requirements. 9 To the extent federal tax law requires public hearings to be held with respect to the issuance 10 of bonds to finance proiects the hearings may be called for by the executive director and held 11 before one or more members of the Board of the Trust. The hearings may be held at any place 12 within the State pursuant to public notice liven in accordance with current federal tax 13 re~txlations To the extent federal tax law requires approval following the hearing of the 14 issuance of bonds to finance a~roject the approval shall be sought from the Governor 15 following a report to the Governor of the results of the public hearing accompanied by 16 information relatin tg o the purposes for the proposed bond issue. 17 "& 77-128. Security documents. 18 Bonds issued under the provisions of this Article may be secured by a security document 19 which may be a trust instrument between the Trust and a bank or trust company or individual 20 within the State or a bank or a trust company outside the State, as trustee. The security 21 document maYpledg_e and assign the revenues provided for the security of the bonds, including 22 proceeds from the sale of any project or part thereof and insurance proceeds and may convey 23 or mortgage the project and other property to secure a bond issue. 24 The revenues and other funds derived from the project, except for an~part as may be 25 necessaryprovide reserves therefor if any may be set aside at regular intervals as may be 26 provided in the security document in a sinking fund which mawpledged to, and charged 27 with the payment of the principal of and the interest on the bonds as the same shall become 28 due and the redemption price or the purchase price of bonds retired by call or purchase as 29 provided The pledge shall be valid and binding from the time when the pledge is made. The 30 revenues pledged and received by the Trust shall immediately be subject to the lien of the 31 32 pledge without an~physical delivery or further act and the lien of any pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against 33 the Trust irre~ective of whether the parties have notice. The use and disposition of money to 34 fund shall be subject to the provisions of the security document. The the credit of the sinking 35 _ security document may contain provisions for protecting and enforcing the rights and remedies 36 of the bondholders as may be reasonable and proper and not in violation of law, including, 37 without limitation, any one or more of the following: 38 ~ Acceleration of all amounts payable under the security document. 39 ~ Appointment of a receiver to manage the project and any other property 40 mortgaged or assigned as security for the bonds. 41 ~3,~ Foreclosure and sale of the project and any other property mortga eg d or 42 assigned as security for the bonds. 43 ~ Rights to bring and maintain such other actions at law or in equi as may 44 appear necessary or desirable to collect the amounts payable under, or to 45 enforce the covenants made in, the security document. 46 It shall be lawful for any bank or trust company incorporated under the laws of this State 47 which may act as depository of the proceeds of bonds, revenues, or other funds provided under 48 this Article to furnish indemnifying bonds or to pledge securities as may be required by the 49 Trust. All expenses incurred in carrvin~ out the provisions of the security document may be 50 treated as a part of the cost of the project in connection with which bonds are issued or as an 51 expense of administration of the project. Attachment number 3 2 5967 ~fa0 of 320 Page 12 F -