NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 287

SENATE BILL 410

 

AN ACT TO AMEND CHAPTER 168 OF THE PUBLIC-LOCAL LAWS OF 1939, AS AMENDED, RELATING TO THE RALEIGH-DURHAM AIRPORT AND AUTHORIZING THE ISSUANCE OF REVENUE BONDS BY THE RALEIGH-DURHAM AIRPORT AUTHORITY.

 

The General Assembly of North Carolina do enact:

 

Section 1.  That Chapter 168 of the Public-Local Laws of 1939, as amended by Chapter 292 of the Public-Local Laws of 1941, as amended by Chapter 79 of the Session Laws of 1945, as amended by Chapter 1096 of Session Laws of 1955, as amended by Chapter 455 of Session Laws of 1957, as amended by Chapter 755 of Session Laws of 1959, as amended by Chapter 781 of Session Laws of 1967, is hereby amended in the following particulars:

A.        By adding the following paragraph to Section 7 of said act as amended, as follows:

"Section 7(L). To issue bonds, notes or other securities and obligations for the purpose of providing funds for the construction, maintenance, improvement and operation of the Raleigh-Durham Airport landing fields, runways, buildings, water, sewer, and electrical systems, and facilities incidental thereto and for the purchase of equipment, machinery, furniture and furnishings and other personal property used or useful in connection therewith, for the purpose of refunding outstanding bonds, with interest and premiums thereon, other obligations of the Raleigh-Durham Airport Authority, and notes issued in anticipation of an issue of bonds thereafter to be made. The said bonds, if and when so issued, shall be denominated 'Raleigh-Durham Airport Authority Revenue Bonds', with such additional description as may be deemed appropriate to distinguish each issue; and shall be issued in such form and denomination and shall mature at such time or times, not exceeding thirty-five years after their date, and shall bear such rate of interest, payable annually or semiannually, as the Raleigh-Durham Airport Authority may determine. The bonds shall be signed by the Chairman of said Airport Authority and the corporate seal affixed or impressed upon each bond and attested by the Secretary of said Authority. The coupons to be attached to said bonds shall bear the facsimile signature of the Treasurer of the Authority. Such bonds, notes or securities issued for the purpose or purposes set out, shall be sold under the supervision and with the approval of the Local Government Commission. Bonds and notes issued under this act shall be exempt from all State, federal, county or municipal taxes or assessments, direct or indirect, general or special, and the interest paid on said bonds or notes shall not be subject to taxation as income. The said bonds, notes or other securities shall not be the obligation of the County of Wake, the County of Durham, the City of Durham, or the City of Raleigh, but the Airport Authority is authorized and empowered to pledge the revenues, rents, income and tolls arising out of the use of any Airport property or any specific part of said Airport property until such time as the sums borrowed therefor are fully amortized and repaid. The said bonds or other securities which the said Airport Authority may incur shall be issued and incurred upon such other terms, covenants and conditions as the said Airport Authority may deem proper.

In addition to the power hereby conferred the Authority shall have such additional powers as may be conferred upon a municipality by the Revenue Bond Act of 1938 and such act is made applicable to the Authority. The bonds, notes or other securities which the Authority is authorized to issue shall be issued and secured in the same manner as bonds issued by a municipality pursuant to said Revenue Bond Act of 1938."

Sec. 2.  All laws and clauses of laws in conflict with this act are hereby repealed.

Sec. 3.  This act shall be effective upon its ratification.

In the General Assembly read three times and ratified, this the 4th day of May, 1971.