Orange County NC Website
Browse       Search
— 16 <br /> GENERAL ASSEMBLY OF NORTE CAROLINA . . SESSION 1989 <br /> • • <br /> 1 between the Authority and the respective unit of local <br /> 2 government. <br /> 3 "S 160A-615. Termination. <br /> 4 The Board of Trustees may terminate the existence of the <br /> 5 Authority at any time when it has no outstanding indebtedness. <br /> 6 In the event of such termination, all property , and assets of the <br /> 7 Authority not otherwise encumbered shall automatically become the <br /> 8 pr2Rellyof_the State of North Carolina, and the State of North <br /> 9 Carolina shall succeed to all richts, oblications , and <br /> 10 liabilities of the Authority. <br /> 11 "S 160A-616. Controlling provisions. <br /> 12 Insofar as the provisions of this Article are not consistent <br /> 13 with the provisions of any other law, public or private , the <br /> 14 provisions of this Article shall be controllinc. <br /> 15 "5 160A-617 . Bonds and Notes Authorized. <br /> 16 In addition of the powers ' ranted b this Article , the <br /> 17 Authorit ma issue bonds and notes Pursuant to the provisions of <br /> 18 the Local Government Bond Act and the Local Government Revenue <br /> 19 Bond Act for the purpose of financing public transportation <br /> 20 systems or any part thereof and to refund such bonds and notes, <br /> 21 whether or not in advance of their maturity or earliest <br /> 22 redemption date . To pay any bond or note issued under the Local <br /> 23 Government Bond Act, the authorit ma not pledge the ley of an <br /> 24 ad valorem tax, but only a tax or taxes it is authorized to levy 25 "S 160A-618. Equipment Trust Certificates. <br /> aFi <br /> 26 In . addition to the powers here and before •ranted, the <br /> 27 Authority shall have continuing power to purchase eauipment, and <br /> gE <br /> 28 in connection therewith execute aoreements, leases with or <br /> 29 without option to purchase, or eouipment trust certificates. All <br /> • 30 money reouired to be paid by the Authority under the provisions <br /> 31 of such acire?ments , leases vith cr without cotion to purchase , <br /> 32 and equipment trust certificates shall be Payable solely from the <br /> 33 fares, fees, rentals, charces, revenues, and earnings of the <br /> 34 Authority, monies derived from the sale of any surplus property <br /> 35 of the Authorit and •ifts, °rants, and contributions from an <br /> • <br /> 89—LBX-006C(2 .17) Page 13 <br />