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General Assembly of North Carolina Session 2009 1 The Trust may subordinate the bonds or its rights under the security document or otherwise 2 to any prior, contemporaneous, or future securities or obligations or lien mortgage or other 3 security interest. 4 "& 77-129. Remedies. 5 Any owner of bonds or notes issued under the provisions of this Article or any coupons 6 appertaining thereto, and the trustee under any trust agreement securing or resolution 7 authorizing the issuance of such bonds or notes, except to the extent the rights given maybe 8 restricted by the trust agreement or resolution, may either at law or in equit~y suit action 9 mandamus, or other proceeding, protect and enforce any and all rights under the laws of the 10 State or granted hereunder or under the trust agreement or resolution or under any other 11 contract executed by the Trust pursuant to this Article, and may enforce and compel the 12 performance of all duties required by this Article or by the trust agreement or resolution b, 13 Trust or by any officer of the Trust. 14 "& 77-130. Status of bonds and notes under Uniform Commercial Code. 15 All bonds and notes and interest coupons, if any, issued under this Article are made 16 investment securities within the meaning of and for all the purposes of Article 8 of the Uniform 17 Commercial Code, as enacted in Chapter 25 of the General Statutes. 18 "& 77-131. Officers not liable. 19 No director or officer of the Trust shall be subject to any personal liability or accountability 20 by reason of the director or officer's execution of any bonds or notes or the issuance of any 21 bonds or notes. 22 "& 77-132. Conflicts of interest. 23 If any director, officer, or employee of the Trust shall be interested either directly or 24 indirectly. or shall be an officer or employee of or have an ownership interest in any firm or 25 corporation, not including units of local government, interested directly or indirectly in any 26 contract with the Trust, the interest shall be disclosed to the Board and shall be set forth in the 27 minutes of the Board. The director, officer, or employee having an interest shall not participate 28 on behalf of the Trust in the authorization of any contract. Other provisions of law 29 notwithstanding, failure to take any or all actions necessary to carry out the purposes of this 30 section may not affect the validi of any bonds or notes issued under this Article. 31 "$ 77-133. Cooperation by other State agencies. 32 All State officers and agencies shall render the services to the Trust within their respective 33 functions as may be requested by the Trust. 34 "& 77-134. Net earnings; disposition and use. 35 The Yadkin River Trust is a corporation completely owned by and to be operated for the 36 benefit of the people of this State. Any and all net earnings of the Yadkin River Trust not 37 necessary for the prudent conduct and operation of its business in the best interests of the Trust 38 or to pawprincipal of and interest on its bonds, notes, or other evidences of indebtedness or 39 other obligations, or to fulfill the terms and provisions of any agreements made with the 40 purchasers or holders thereof or others shall be remitted semiannually to the State Treasurer for 41 deposit to the General Fund of the State. Nothing in this section shall prohibit the Trust from 42 pa~~ to the State each e~p to one percent (1% of its projected operating revenues, as 43 such revenues would be determined on an accrual basis, from the combined electric and water 44 systems. 45 "& 77-135. Funds of Trust. 46 All funds of the Trust shall be deposited in one or more banks to be desi~;nated by the 47 Board. The Funds shall be paid out only upon warrants signed by the treasurer or assistant 48 treasurer of the Trust and countersigned by the chair, the acting chair, or the executive director. 49 No warrants shall be drawn or issued disbursing any of the funds of the Trust except for a 50 purpose authorized by this Article and only when the account or expenditure has been audited 51 and approved by the Trust or the chairman of the board of directors. ' 5967 [Filed] F-2 Attachment number 3 P~gtjd81 of 320