NORTH CAROLINA GENERAL ASSEMBLY
1971 SESSION
CHAPTER 511
SENATE BILL 151
AN ACT TO AMEND G.S. 116-176 AND G.S. 116-191 SO AS TO AUTHORIZE THE ISSUANCE OF REVENUE NOTES IN LIEU OF REVENUE BONDS WITH RESPECT TO CERTAIN HIGHER EDUCATIONAL INSTITUTION BUILDING PROGRAMS.
The General Assembly of North Carolina do enact:
Section 1. G.S. 116-176 is amended by adding at the end thereof a new paragraph to read as follows:
"The board may enter into or negotiate a note with an acceptable bank or trust company in lieu of issuing bonds for the financing of projects covered under this Article. The terms and conditions of any note of this nature shall be in accordance with the terms and conditions surrounding issuance of bonds."
Sec. 2. G.S. 116-191 is amended by adding at the end thereof a new paragraph to read as follows:
"The board may enter into or negotiate a note with an acceptable bank or trust company in lieu of issuing bonds for the financing of projects covered under this Act. The terms and conditions of any note of this nature shall be in accordance with the terms and conditions surrounding issuance of bonds."
Sec. 3. This act shall become effective upon its ratification.
In the General Assembly read three times and ratified, this the 7th day of June, 1971.