(a) As a means of raising the funds needed from time to time in the acquisition, construction,
equipment, maintenance and operation of any facility, building, structure, or any
other matter or thing which the Authority is authorized to acquire, construct, equip,
maintain, or operate by this Article, all or any of them, the Authority is hereby
authorized at one time or from time to time to issue with the approval of the Governor
negotiable revenue bonds of the Authority. The principal and interest of revenue bonds shall be payable solely from the revenue
to be derived from the operation of all or any part of its properties and facilities.
(b) A pledge of the net revenues derived from the operation of the properties and
facilities, all or any of them, shall be made to secure the payment of the bonds issued
to finance them as and when they mature.
(c) Revenue bonds issued under the provisions of this Article shall not be deemed
to constitute a debt of the State of North Carolina or a pledge of the faith and credit
of the State. The issuance of such revenue bonds shall not directly or indirectly or contingently
obligate the State to levy or to pledge any form of taxation whatever or to make any
appropriation for their payment.
(d) Such bonds and the income derived from them shall be exempt from all taxation
within the State.
(e) Notwithstanding any other provisions of this Article, the State Treasurer shall
have the exclusive power to issue bonds and notes authorized under the act upon request
of the Authority and with the approval of the Governor after receiving the advice
of the Local Government Commission. The State Treasurer in his sole discretion shall determine the interest rates, maturities,
and other terms and conditions of the bonds and notes authorized by this Article. The North Carolina Marine Industrial Park Authority shall determine when a bond
issue is indicated. The Authority shall cooperate with the State Treasurer in structuring any bond issue
in general, and also in soliciting proposals from financial consultants, underwriters,
and bond attorneys.
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