§ 143-163. State agencies may issue bonds to finance certain public undertakings.
Article 11.
Revenue Bonds and Governmental Aid.
§ 143‑163. State agencies may issue bonds tofinance certain public undertakings.
The several departments, institutions, agencies and commissions of theState of North Carolina, acting at the suggestion of the Governor of NorthCarolina, with the approval of the Council of State, are hereby authorized toissue bonds of the several departments, agencies or commissions of the State,in such sum or sums, not to exceed in the aggregate two million dollars ($2,000,000),at such time or times, in such denominations as may be determined, and at suchrate of interest as may be most advantageous to the several departments,institutions, agencies and commissions of the State, the said bonds to run fora period not exceeding 30 years from date, which bonds may be sold anddelivered as other like bonds of the State of North Carolina: Provided,however, that the credit of the State of North Carolina, or any of itsdepartments, institutions, agencies or commissions, shall not be pledgedfurther in the payment of such bonds, except with respect to the rentals,profits and proceeds received in connection with the undertaking, for whichsaid bonds are issued, and said bonds and interest so issued shall be payablesolely out of the receipts from the undertaking for which they were issued,without further obligation on the part of the State of North Carolina, or anyof its departments, institutions, agencies or commissions, provided that noState department or institution issuing any of said bonds shall be allowed topledge any of its appropriations received from the State as security for thesebonds; provided, further, that no State department, institution, agency orcommission of the State shall make application for or issue any bonds, asprovided in this section, after June 1, 1941. (1935, c. 479, s. 1; Ex. Sess. 1936, c. 2, s. 1; 1937,c. 323; 1939, c. 391.)