NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 637

SENATE BILL 457

 

 

AN ACT TO AMEND SECTION 130-128 OF CHAPTER 130 OF THE GENERAL STATUTES OF NORTH CAROLINA TO AUTHORIZE SANITARY DISTRICTS TO ACCEPT ADVANCES ON LOANS FROM THE FEDERAL GOVERNMENT AND TO AMEND SECTION 130-138 OF SAID CHAPTER 130 TO PROVIDE FOR SUCH ADVANCES.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Subdivision (3) of Section 130-128 of Article 12 of Chapter 130 of the General Statutes of North Carolina is hereby amended to read as follows:

"(3)      To issue bonds and bond anticipation notes of the district in the manner hereinafter provided, and, at any time after a bond resolution has taken effect, as provided in Section 130-134, to accept advances on any loan for which the federal government or» any agency or instrumentality thereof shall have entered into a loan agreement with such district."

Sec. 2.  Section 130-138 of Article 12 of Chapter 130 of the General Statutes of North Carolina, as amended, is hereby amended by adding the following paragraph at the end of said Section:

"At any time after a bond resolution has taken effect, as provided in Section 130-134, and where a sanitary district has entered into a loan agreement with the federal government or an agency or instrumentality thereof for a loan to be evidenced by the bonds authorized by said resolution, a sanitary district may secure advances of money on such loan from the federal government or such agency or instrumentality to be repayable out of the proceeds of the sale of the bonds. Each such advance shall be authorized by resolution of the sanitary district board requesting the advance and specifying the manner of execution of the request and such other provisions thereof as the board deems expedient. Said board shall cause a certified copy of such resolution to be filed with the Local Government Commission with a statement showing the exact amount of the advance, its date and interest rate, if any. The State Treasurer is hereby authorized to apply proceeds of sale of the bonds to payment of such advances."

Sec. 3.  All laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.

Sec. 4.  This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 31st day of May, 1967.