NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

CHAPTER 428

HOUSE BILL 892

AN ACT CONCERNING SECURITY FOR REVENUE BOND ANTICIPATION NOTES.

The General Assembly of North Carolina enacts:

Section 1.  G.S. 159-163 is amended by rewriting the third sentence to read as follows:

"Notes issued in anticipation of the sale of revenue bonds shall be secured, to the extent and as provided in the resolution authorizing the issuance of such notes, by a pledge, charge, and lien upon the proceeds of the revenue bonds in anticipation of the sale of which such notes are issued and upon the revenues securing such revenue bonds; provided, however, that such notes shall be payable as to both principal and interest from such revenues if not paid from the proceeds of such revenue bonds or otherwise paid."

Sec. 2.  This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 20th day of April, 1979.