§ 159D-38. Capital facilities finance agency.
§ 159D‑38. Capitalfacilities finance agency.
(a) There is created a body politic and corporate to be known as"North Carolina Capital Facilities Finance Agency" which shall beconstituted a public agency and an instrumentality of the State for the performanceof essential public functions. The agency shall be governed by a board ofdirectors composed of seven members. Two of the members of the board shall bethe State Treasurer and the State Auditor, both of whom shall serve ex officio.The remaining directors of the agency shall be residents of the State and shallnot hold other public office. The General Assembly upon the recommendation ofthe President Pro Tempore of the Senate shall appoint one director inaccordance with G.S. 120‑121, the General Assembly upon therecommendation of the Speaker of the House of Representatives shall appoint onedirector in accordance with G.S. 120‑121, and the Governor shall appointthree directors of the agency. The five appointive directors of the agencyshall be appointed for staggered four‑year terms, two being appointedinitially for one year by the President of the Senate and the Speaker of theHouse, respectively, and one for two years, one for three years and one forfour years, respectively, as designated by the Governor. Each director shallcontinue in office until a successor is duly appointed and qualified, exceptthat any person appointed to fill a vacancy shall serve only for the unexpiredterm. Any vacancy in a position held by an appointive member shall be filled bya new appointment made by the officer who originally made the appointment. Anymember of the board of directors is eligible for reappointment. Each appointivemember of the board of directors may be removed by the Governor formisfeasance, malfeasance or neglect of duty after reasonable notice and apublic hearing, unless the notice and hearing are in writing expressly waived.Each appointive member of the board of directors shall take an oath of officeto administer the duties of office faithfully and impartially and a record ofthe oath shall be filed in the office of the Secretary of State. The Governorshall designate from among the members of the board of directors a chair and avice‑chair, whose terms extend to the earlier of either two years or thedate of expiration of their then current terms as members of the board ofdirectors of the agency. The board of directors shall elect and appoint andprescribe the duties of a secretary‑treasurer and any other officers itconsiders necessary or advisable, which officers need not be members of theboard of directors.
(b) No part of the revenues or assets of the agency shall inureto the benefit of or be distributable to its members or officers or otherprivate persons. The members of the agency shall receive no compensation fortheir services but shall be entitled to receive, for attendance at meetings ofthe agency or any committee thereof and for other services for the agency,reimbursement for such actual expenses as may be incurred for travel and subsistencein the performance of official duties and such per diem as is allowed by lawfor members of other State boards, commissions and committees.
(c) The secretary‑treasurer of the agency shall keep arecord of the proceedings of the agency and shall be custodian of all books,documents and papers filed with the agency, the minute book or journal of theagency and its official seal. The secretary‑treasurer shall haveauthority to cause copies to be made of all minutes and other records anddocuments of the agency and to give certificates under the official seal of theagency to the effect that such copies are true copies, and all persons dealingwith the agency may rely upon such certificates.
(d) Four members of the board of directors of the agency shallconstitute a quorum and the affirmative vote of a majority of the memberspresent at a meeting of the board of directors duly called and held shall benecessary for any action taken by the board of directors of the agency. Theboard of directors may, however, appoint an executive committee to act onbehalf of the board during the period between regular meetings of said board,and said committee shall have full power to act upon the vote of a majority ofits members. No vacancy in the membership of the agency impairs the rights of aquorum to exercise all the rights and to perform all the duties of the agency.
(e) The North Carolina Capital Facilities Finance Agency shallbe contained within the Department of State Treasurer as if it had beentransferred to that department by a Type II transfer as defined in G.S. 143A‑6(b).(1985 (Reg. Sess., 1986),c. 794, s. 4; 1995, c. 490, s. 17(a); 2000‑179, s. 2.)