Terms Used In North Carolina General Statutes > Chapter 142 > Article 3A - Refunding Bonds

• Bond documentation: means any resolution, order, trust agreement, trust indenture or other document authorizing the issuance of and securing any outstanding obligations. See North Carolina General Statutes 142-29.2
• Bonds: means any bonds issued under the provisions of this Article. See North Carolina General Statutes 142-29.2
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Credit facility: means an agreement entered into by the State Treasurer on behalf of the State with a bank, savings and loan association or other banking institution, an insurance company, reinsurance company, surety company or other insurance institution, a corporation, investment banking firm or other investment institution, or any financial institution providing for prompt payment of all or any part of the principal (whether at maturity, presentment for purchase, redemption or acceleration), redemption premium, if any, and interest on any refunding obligations payable on demand or tender by the owner issued in accordance with this Article, in consideration of the State agreeing to repay the provider of such credit facility in accordance with terms and provisions of such agreement, provided, that any such agreement shall provide that the obligation of the State thereunder shall have only such sources of payment as are permitted for the payment of refunding obligations issued under this Article. See North Carolina General Statutes 142-29.2
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Notes: means any bond anticipation notes or notes issued under the provisions of this Article. See North Carolina General Statutes 142-29.2
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Outstanding obligations: means any outstanding bonds, bond anticipation notes or notes of the State, whether now outstanding or hereafter issued, the payment of the principal of and the interest on which are secured by a pledge of the full faith, credit and taxing power of the State and which may also be secured, as and to the extent provided in applicable bond documentation, by additional security. See North Carolina General Statutes 142-29.2
• Par formula: shall mean any provision or formula adopted by the State to provide for the adjustment, from time to time, of the interest rate or rates borne by any refunding obligations so that the purchase price of such refunding obligations in the open market would be as close to par as possible. See North Carolina General Statutes 142-29.2
• Refunding obligations: means any notes or bonds issued under the provisions of this Article. See North Carolina General Statutes 142-29.2
• seal: shall be construed to include an impression of such official seal, made upon the paper alone, as well as an impression made by means of a wafer or of wax affixed thereto. See North Carolina General Statutes 12-3
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• Trustee: A person or institution holding and administering property in trust.
• United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3