reglab/housing_qa huggingface dataset:
NC Gen Stat § 159-193 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 13 - Interest Rate Swap Agreements for Governmental Units.|§ 159-193 - Definitions.

 159-193. Definitions.The following definitions apply in this Article:(1) Governmental unit. - Any of the following:a. A unit of local government as defined in G.S. 159-44.b. A municipality as defined in G.S. 159-81.c. A joint agency as defined in G.S. 159B-3.d. Any department, agency, board, commission, or authority of the State that is authorized by law to issue bonds.e. The State Treasurer in connection with the issuance, incurrence, carrying, or securing of obligations for or on behalf of the State pursuant to an act of the General Assembly.(2) Obligations. - Any of the following:a. Bonds, notes, bond anticipation notes, or other evidences of indebtedness issued by a governmental unit.b. Lease purchase or installment financing agreements entered into by a governmental unit.(3) Swap agreement. - Any of the following:a. An agreement, including terms and conditions incorporated by reference in the agreement, that is a rate swap agreement, basis swap, forward rate agreement, interest rate option, rate cap agreement, rate floor agreement, rate collar agreement, or other similar agreement, including any option to enter into or terminate any of the foregoing.b. Any combination of the agreements described in sub-subdivision a. of this subdivision.c. A master agreement for any of the agreements described in sub-subdivisions a. and b. of this subdivision, together with all supplements.d. One or more transactions entered into pursuant to a master agreement. (2003-388, s. 4; 2005-403, s. 4.)
NC Gen Stat § 159-194 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 13 - Interest Rate Swap Agreements for Governmental Units.|§ 159-194 - Swap agreements.

 159-194. Swap agreements.(a) Subject to the provisions of this Article, a governmental unit may from time to time purchase, enter into, modify, amend, or terminate one or more swap agreements that it determines are necessary or desirable in connection with the issuance, incurrence, carrying, or securing of obligations. This authorization also includes the authority to enter into modifications or reversals of a swap agreement previously entered into by the governmental unit and the authority to enter into a swap agreement that modifies the interest rate payment calculation method under a swap agreement previously entered into to another interest rate calculation method or that reverses, in whole or in part, the effect of a prior swap agreement on the governmental unit's interest rate cost or risk. A swap agreement entered into by a governmental unit may contain any provisions, including provisions regarding payments, term, termination payments, security, default, and remedies, and may be with any parties, that the governmental unit determines are necessary or desirable.(b) No governmental unit shall enter into a swap agreement pursuant to this Article other than for the primary purpose of managing interest rate risk on or interest rate costs of its obligations. A swap agreement may provide that the payments thereunder are based upon a fixed or variable interest rate calculation method. A governmental unit shall not engage in the business of acting as a dealer in swap agreements. A swap agreement may be entered into in connection with specific obligations of the governmental unit, which may consist of multiple series or issues of obligations as specified by the governmental unit. The swap agreement may be entered into at a time before, at the same time as, or after, the obligations are issued or incurred by the governmental unit. Each swap agreement may be entered for a notional amount up to, but not exceeding, the principal amount of the obligations with respect to which the swap agreement is entered. A swap agreement may have a term as long as, or less than, the term of the obligations with respect to which the swap agreement is entered.(c) In connection with entering into a swap agreement, a governmental unit may enter into credit enhancement agreements to secure the obligations of the governmental unit under the swap agreement, with any payment, security, default, remedy, and other terms and conditions that the governmental unit determines, including entering into binding agreements to deliver collateral, either at the time the swap agreement is entered into or at future times under conditions set forth in the swap agreement. (2003-388, s. 4.)
NC Gen Stat § 159-195 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 13 - Interest Rate Swap Agreements for Governmental Units.|§ 159-195 - Nature of duties of a governmental unit under a swap agreement.

 159-195. Nature of duties of a governmental unit under a swap agreement.The duty of a governmental unit to make the payments required and to perform the other duties of the governmental unit under a swap agreement shall constitute a continuing contractual obligation of the governmental unit, enforceable in accordance with applicable law for the enforcement of contractual obligations of that governmental unit. A governmental unit may limit its duties under a swap agreement to designated property or a designated source of revenues or receipts of the governmental unit, such as the revenues of a specified utility or other public service enterprise system of the governmental unit. If a governmental unit enters into a swap agreement in connection with obligations that are secured by a designated form of security, then, subject to the terms of the bond order or resolution, trust indenture or trust agreement, installment contract or lease purchase agreement, or similar instrument pursuant to which the obligations are issued or incurred, the governmental unit may pledge, mortgage, or grant a security interest in the revenues of the utility or other public service enterprise system, program, receipts, property, or similar arrangement securing the obligations to secure the payment and performance of its duties under the swap agreement. Any pledge of assets, revenues, or receipts to secure the duties of a governmental unit under a swap agreement shall become effective in the same manner and to the same extent as a pledge of those assets, revenues, or receipts to secure the obligations with respect to which the swap agreement is entered. (2003-388, s. 4.)
NC Gen Stat § 159-196 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 13 - Interest Rate Swap Agreements for Governmental Units.|§ 159-196 - Approval by Commission.

 159-196. Approval by Commission.(a) Approval Required. - If either of the following conditions is met, a governmental unit shall not enter into a swap agreement unless the Commission first approves the governmental unit's entering into the swap agreement:(1) The unit is a unit of local government as defined in G.S. 159-44, a municipality as defined in G.S. 159-81, or a joint agency as defined in G.S. 159B-3.(2) The sale, issuance, or incurrence of the obligations with respect to which the swap agreement is entered into is subject to the approval of the Commission.(b) Factors. - The Commission may consider all of the following factors in determining whether to approve the swap agreement:(1) The nature and amount of the outstanding debt of the governmental unit proposing to enter the swap agreement.(2) The governmental unit's debt management procedures and policies.(3) To the extent applicable, the governmental unit's compliance with the Local Government Budget and Fiscal Control Act.(4) Whether the governmental unit is in default in any of its debt service obligations.(5) The credit rating of the governmental unit.(c) Amendments. - If a swap agreement is subject to approval by the Commission pursuant to this section and is approved, then the governmental unit shall not enter into any amendment to the swap agreement that terminates or changes the time period covered by the swap agreement, changes the interest rate calculation method under the swap agreement, or changes the notional amounts covered by the swap agreement without the prior approval of the Secretary of the Commission.(d) Approval Not Required. - A swap agreement is not subject to approval by the Commission except as provided in this section. This section does not require the approval of the Commission of a swap agreement entered into by a private entity receiving the benefit of financing through the issuance of obligations by a governmental unit. (2003-388, s. 4.)
NC Gen Stat § 159-197 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 13 - Interest Rate Swap Agreements for Governmental Units.|§ 159-197 - Additional method.

 159-197. Additional method.This Article provides an additional and alternative method for the doing of the things authorized by it and is supplemental to powers conferred by other laws. This Article does not derogate any existing powers. (2003-388, s. 4.)
NC Gen Stat § 159-198 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 13 - Interest Rate Swap Agreements for Governmental Units.|§ 159-198 - Severability.

 159-198. Severability.If any provision of this Article or its application is held invalid, the invalidity does not affect other provisions or applications of this Article that can be given effect without the invalid provisions or application, and to this end the provisions of this Article are severable. (2003-388, s. 4.)
NC Gen Stat § 159-199 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 13 - Interest Rate Swap Agreements for Governmental Units.|§ 159-199 - Validation of preexisting swap agreements.

 159-199. Validation of preexisting swap agreements.All proceedings taken by the governing bodies of governmental units in connection with the authorization of swap agreements and all swap agreements entered into by governmental units before the effective date of this Article are ratified. (2003-388, s. 4.)
NC Gen Stat § 159-200 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 13 - Interest Rate Swap Agreements for Governmental Units.|§ 159-200 - Liberal construction.

 159-200. Liberal construction.This Article, being necessary for the prosperity and welfare of the State and its inhabitants, shall be liberally construed to effect its purposes. (2003-388, s. 4.)
NC Gen Stat § 159-210 (2021)
2021 North Carolina General Statutes|Chapter 159 - Local Government Finance|Article 14 - Borrowing by Airport Authorities.|§ 159-210 - Borrowing authority.

 159-210. Borrowing authority.Whenever an airport authority is authorized by general or local act to erect and construct improvements and facilities and to lease these improvements and facilities, the authority may borrow money for use in making and paying for these improvements and facilities, secured by and on the credit only of the lease agreements in respect to these improvements and facilities, and to pledge and assign the leases and lease agreements as security for the authorized loans. The airport authority's power to borrow money under this section is subject to the approval of the Commission. To the extent this section conflicts with any local act, then this section shall control. (2005-342, s. 4.)
NC Gen Stat § 159B-1 (2021)
2021 North Carolina General Statutes|Chapter 159B - Joint Municipal Electric Power and Energy Act|Article 1 - Short Title, Legislative Findings and Definitions.|§ 159B-1 - Short title.

 159B-1. Short title.This Chapter may be cited as the "Joint Municipal Electric Power and Energy Act." (1975, c. 186, s. 1.)
NC Gen Stat § 159B-5.1 (2021)
2021 North Carolina General Statutes|Chapter 159B - Joint Municipal Electric Power and Energy Act|Article 2 - Joint Agencies; Municipalities.|§ 159B-5.1 - Joint ownership with other public or private entities engaged in generation, transmission or distribution of electric power for resale.

 159B-5.1. Joint ownership with other public or private entities engaged in generation, transmission or distribution of electric power for resale.Municipalities and joint agencies may jointly or severally own, operate and maintain projects with any person, firm, association or corporation, public or private, engaged in the generation, transmission or distribution of electric power and energy for resale within this State or any state contiguous to this State. Any municipality or joint agency shall have for such purposes all powers conferred upon them by the provisions of this Chapter including the power to issue revenue bonds pursuant to the provisions of this Chapter to finance its share of the cost of any such project. The definitions and all other terms and provisions of this Chapter shall be construed so as to include such undivided ownership interest in order to fully effectuate the power and authority conferred by the foregoing provisions of this section. (1977, c. 708, s. 3.)
NC Gen Stat § 159B-6 (2021)
2021 North Carolina General Statutes|Chapter 159B - Joint Municipal Electric Power and Energy Act|Article 2 - Joint Agencies; Municipalities.|§ 159B-6 - Sale of capacity and output by a municipality.

 159B-6. Sale of capacity and output by a municipality.Capacity or output derived by a municipality from its ownership share of a project not then required by such municipality for its own use and for the use of its consumers may be sold or exchanged by such municipality, for such consideration and for such period and upon such other terms and conditions as may be determined by the parties, to any municipality owning electric distribution facilities in this State, to any electric membership corporation or public utility authorized to do business in this State, or to any state, federal or municipal agency which owns electric generation, transmission or distribution facilities. Provided, however, that the foregoing limitations shall not apply to the temporary sale of excess capacity and energy without the State in cases of emergency or when required to fulfill obligations under any pooling or reserve-sharing agreements reasonably related to its needs for power and energy. Provided further, however, that sales of excess capacity or output of a project to electric membership corporations, public utilities, and other persons the interest on whose securities and other obligations is not exempt from taxation by the federal government shall not be made in such amounts, for such periods of time, and under such terms and conditions as will cause the interest on bonds issued to finance the cost of a project to become taxable by the federal government. (1975, c. 186, s. 1.)
NC Gen Stat § 159B-7 (2021)
2021 North Carolina General Statutes|Chapter 159B - Joint Municipal Electric Power and Energy Act|Article 2 - Joint Agencies; Municipalities.|§ 159B-7 - Licenses, permits, certificates and approvals.

 159B-7. Licenses, permits, certificates and approvals.Municipalities proposing to jointly plan, finance, develop, own and operate a project are hereby authorized, either jointly or separately, to apply to the appropriate agencies of the State, the United States, or any state thereof, and to any other proper agency for such licenses, permits, certificates or approvals as may be necessary, and to construct, maintain and operate projects in accordance with such licenses, permits, certificates or approvals and to obtain, hold and use such licenses, permits, certificates and approvals in the same manner as any other operating unit of any other person. (1975, c. 186, s. 1.)
NC Gen Stat § 159B-13 (2021)
2021 North Carolina General Statutes|Chapter 159B - Joint Municipal Electric Power and Energy Act|Article 2 - Joint Agencies; Municipalities.|§ 159B-13 - Sale of excess capacity and output by a joint agency.

 159B-13. Sale of excess capacity and output by a joint agency.A joint agency may sell or exchange the excess capacity or output of a project not then required by any of its members, for such consideration and for such period and upon such other terms and conditions as may be determined by the parties, to any person, firm, association, or corporation, public or private. (1975, c. 186, s. 1; 1977, c. 385, s. 11; 1995, c. 412, s. 9.)
NC Gen Stat § 159B-14 (2021)
2021 North Carolina General Statutes|Chapter 159B - Joint Municipal Electric Power and Energy Act|Article 2 - Joint Agencies; Municipalities.|§ 159B-14 - Bonds of a joint agency.

 159B-14. Bonds of a joint agency.(a) A joint agency may issue bonds for the purpose of paying the cost of a project and secure both the principal of and interest on the bonds by a pledge of part or all of the revenues derived or to be derived from all or any of its projects, and any additions and betterments thereto or extensions thereof, or from the sale of power and energy and services and facilities related to the utilization of power and energy, or from other activities or facilities permitted in this Chapter, or from contributions or advances from its members. A joint agency may issue bonds that are not for the purpose of paying the cost of a project and secure the bonds solely by a pledge of revenues, solely by a security interest in real or personal property, or by both a pledge of revenues and a security interest in real or personal property. Bonds of a joint agency shall be authorized by a resolution adopted by its governing board and spread upon its minutes.(b) A joint agency may issue bonds for the purpose of refinancing bonds issued for the purpose of paying the cost of a project, including, but not limited to, paying or providing for the payment of the principal of, premium, if any, and interest on bonds theretofore issued by a joint agency for the purpose of paying the cost of a project which is being sold or otherwise disposed of by the joint agency in whole or in part, and for the purpose of financing any collateral posting requirements of replacement power supply arrangements, and secure the principal of, premium, if any, and interest on the bonds by a pledge of part or all of the revenues derived or to be derived from all or any of its projects, and any additions and betterments thereto or extensions thereof, or from the sale of power and energy and services and facilities related to the utilization of power and energy, or from other activities or facilities permitted in this Chapter, or by a pledge of payments derived from support contracts authorized by G.S. 159B-12, or from contributions or advances from its members. Bonds of a joint agency shall be authorized by a resolution adopted by its governing board and spread upon its minutes.  (1975, c. 186, s. 1; 1983, c. 574, s. 6; 1991, c. 513, s. 2; 1995, c. 412, s. 10; 2015-3, s. 5.)
NC Gen Stat § 159B-19 (2021)
2021 North Carolina General Statutes|Chapter 159B - Joint Municipal Electric Power and Energy Act|Article 2 - Joint Agencies; Municipalities.|§ 159B-19 - Remedies.

 159B-19. Remedies.Any holder of bonds issued under the provisions of this Chapter or any of the coupons appertaining thereto, and the trustee under any trust agreements, except to the extent the rights herein given may be restricted by such trust agreement or the resolution authorizing the issuance of such bonds, may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights under the laws of the State or granted hereunder, or, to the extent permitted by law, under such trust agreement or resolution authorizing the issuance of such bonds or under any agreement or other contract executed by the municipality or joint agency pursuant to this Chapter, and may enforce and compel the performance of all duties required by this Chapter or by such trust agreement or resolution to be performed by any joint agency or municipality or by any officer thereof, including the fixing, charging and collecting of rents, rates, fees and charges. (1975, c. 186, s. 1.)
NC Gen Stat § 159B-20 (2021)
2021 North Carolina General Statutes|Chapter 159B - Joint Municipal Electric Power and Energy Act|Article 2 - Joint Agencies; Municipalities.|§ 159B-20 - Status of bonds under Uniform Commercial Code.

 159B-20. Status of bonds under Uniform Commercial Code.Whether or not the bonds and interest coupons appertaining thereto are of such form and character as to be investment securities under Article 8 of the Uniform Commercial Code as enacted in this State, all bonds and interest coupons appertaining thereto issued under this Chapter are hereby made investment securities within the meaning of and for all the purposes of Article 8 of the Uniform Commercial Code as enacted in this State, subject only to the provisions of the bonds pertaining to registration. (1975, c. 186, s. 1.)
NC Gen Stat § 159B-21 (2021)
2021 North Carolina General Statutes|Chapter 159B - Joint Municipal Electric Power and Energy Act|Article 2 - Joint Agencies; Municipalities.|§ 159B-21 - Bonds eligible for investment.

 159B-21. Bonds eligible for investment.Bonds issued by a municipality or joint agency under the provisions of this Chapter are hereby made securities in which all public officers and agencies of the State and all political subdivisions, all insurance companies, banking associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. Such bonds are hereby made securities which may properly and legally be deposited with and received by any officer or agency of the State or any political subdivision for any purpose for which the deposit of bonds or obligations of the State or any political subdivision is now or may hereafter be authorized by law. (1975, c. 186, s. 1.)
NC Gen Stat § 159B-22 (2021)
2021 North Carolina General Statutes|Chapter 159B - Joint Municipal Electric Power and Energy Act|Article 2 - Joint Agencies; Municipalities.|§ 159B-22 - Agreement of the State.

 159B-22. Agreement of the State.The State does hereby covenant and agree with the holders of any bonds that so long as any bonds of a municipality or joint agency are outstanding and unpaid the State will not limit or alter the rights vested in such municipality or joint agency to acquire, construct, reconstruct, improve, enlarge, better, extend, own, operate and maintain its electric system or any project or interest therein, as the case may be, or to establish, maintain, revise, charge, and collect the rents, rates, fees and charges referred to in this Chapter and to fulfill the terms of any agreements made with the holders of the bonds or in any way impair the rights and remedies of the bondholders, until the bonds, together with interest thereon, interest on any unpaid installment of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders, are fully paid, met and discharged. (1975, c. 186, s. 1.)