§ 116-41.1. Definitions. - North Carolina Statutes - USA Laws Searching

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§ 116-41.1. Definitions.

Part 4.  Revenue Bonds for Service and AuxiliaryFacilities.

§ 116‑41.1.  Definitions.

As used in this Part:

(1)        "Board" means the Board of Governors of theUniversity of North Carolina;

(2)        "Construction" means acquisition, construction,provision, reconstruction, replacement, extension, improvement or betterment,or any combination thereof;

(3)        "Cost," as applied to a project, shall include thecost of construction (as herein defined), the cost of all labor, materials andequipment, the cost of all lands, property, rights and easements acquired,financing charges, interest prior to and during construction and, if deemedadvisable by the Board, for one year after completion of construction, cost ofplans and specifications, surveys and estimates of cost and/or revenues, costof engineering and legal services, and all other expenses necessary or incidentto such construction, administrative expense and such other expenses, includingreasonable provisions for initial operating expenses necessary or incident tothe financing herein authorized and a reserve for debt service, and any expenseincurred by the Board in the issuance of bonds under the provisions of thisPart in connection with any of the foregoing items of cost;

(4)        "Project" means any undertaking under this Part toacquire, construct or provide service and auxiliary facilities necessary ordesirable for the proper and efficient operation of the University Enterprises,either as additions, extensions, improvements or betterments to the UniversityEnterprises or otherwise, including one or more or any combination of anysystem, facility, plant, works, instrumentality or other property used oruseful:

a.         In obtaining, conserving, treating or distributing water fordomestic, industrial, sanitation, fire protection or any other public orprivate use;

b.         For the collection, treatment, purification or disposal ofsewage, refuse or wastes;

c.         For the production, generation, transmission or distributionof gas, electricity or heat;

d.         In providing communication facilities including telephonefacilities;

e.         In providing storage, service, repair and duplicatingfacilities;

f.          In improving, extending or adding to the UniversityEnterprises as herein defined; and

g.         In providing other service and auxiliary facilities servingthe needs of the students, the staff or the physical plant of the University;and including all plants, works, appurtenances, machinery, equipment andproperties, both personal and real, used or useful in connection therewith;

            and in the case of the telephone, electric and watersystems comprising a part of the University Enterprises such additions,extensions, improvements or betterments thereof as may be necessary ordesirable, in the discretion of the Board, to provide service from such systems,where it may be reasonably made available, within the environs of theUniversity, including, without limitation, areas presently served by theUniversity Enterprises in Orange, Durham and Chatham Counties.

(5)        "Revenue bonds" or "bonds" means bondsof the University issued by the Board to pay the cost, in whole or in part, ofany project pursuant to this Part and the bond resolution or resolutions of theBoard; provided, however, that bonds, issued as a separate series which arestated to mature not later than 20 years from their date may be designated"revenue notes" or "notes";

(6)        "Revenues" means the income and receipts derivedby or for the account of the University through the charging and collection ofservice charges;

(7)        "Service charges" means rates, fees, rentals orother charges for, or for the right to, the use, occupancy, services orcommodities of or furnished by any project, or by any other service orauxiliary facility of the University, including the University Enterprises, anypart of the income of which is pledged to the payment of the bonds or theinterest thereon;

(8)        "University" means the body politic and corporateknown and distinguished by the corporate name of the "University of NorthCarolina" under G.S. 116‑3;

(9)        "University Enterprises" means the followingexisting facilities, systems, properties, plants, works and instrumentalitieslocated in or near the Town of Chapel Hill, North Carolina, presently in thejurisdiction of and operated by the University; the telephone, electric,heating and water systems, the laundry, Carolina Inn, service and repair shops,the duplicating shop, bookstores and student supply stores, and rental housingproperties for faculty members. (1961, c. 1078, s. 1; 1963, c. 448, s. 16; c. 944, s. 1; 1965, c. 1033,s. 1; 1971, c. 636; c. 1244, s. 16.)