North Carolina General Statutes 142-61. Definitions
The following definitions apply in this Article:
(1) Certificates of participation. – Certificates or other instruments delivered by a special corporation as provided in this Article evidencing the assignment of proportionate and undivided interests in the rights to receive payments to be made by the State pursuant to one or more financing contracts.
Terms Used In North Carolina General Statutes 142-61
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- property: shall include all property, both real and personal. 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
- United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) Cost. – The term includes:
a. The cost of construction, modification, rehabilitation, renovation, improvement, acquisition, or installation in connection with an energy conservation measure.
b. The cost of engineering, architectural, and other consulting services as may be required, including the cost of performing the technical analysis in accordance with N.C. Gen. Stat. § 143-64.17A and inspection and certification in accordance with N.C. Gen. Stat. § 143-64.17K.
c. Finance charges, reserves for debt service and other types of reserves required pursuant to a financing contract or any other related documentation, and interest prior to and during construction, and, if deemed advisable by the State Treasurer, for a period not exceeding two years after the estimated date of completion of construction.
d. Administrative expenses and charges.
e. The cost of bond insurance, investment contracts, credit and liquidity facilities, interest rate swap agreements and other derivative products, financial and legal consultants, and related costs of the incurrence or issuance of the financing contract to the extent and as determined by the State Treasurer.
f. The cost of reimbursing the State for payments made for any costs described in this subdivision.
g. Any other costs and expenses necessary or incidental to implementing the purposes of this Article.
(3) Credit facility. – An agreement that:
a. Is entered into by 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 or other similar provider of a credit facility, which provider may be located within or without the United States of America; and
b. Provides for prompt payment of all or any part of the principal or purchase price (whether at maturity, presentment or tender for purchase, redemption, or acceleration), redemption premium, if any, and interest with respect to any financing contract payable on demand or tender by the owner in consideration of the State agreeing to repay the provider of the credit facility in accordance with the terms and provisions of the agreement.
(4) Energy conservation measure. – Defined in N.C. Gen. Stat. § 143-64.17
(5) Energy conservation property. – Buildings, equipment, or other property with respect to which an energy conservation measure is undertaken.
(6) Financing contract. – An installment financing contract entered into pursuant to the provisions of this Article to finance the cost of an energy conservation measure.
(7) Person. – An individual, a firm, a partnership, an association, a corporation, a limited liability company, or any other organization or group acting as a unit.
(8) Special corporation. – A nonprofit corporation created under Chapter 55A of the N.C. Gen. Stat. for the purpose of facilitating the incurrence of certificates of participation indebtedness by the State under this Article.
(9) State governmental unit. – Defined in N.C. Gen. Stat. § 143-64.17
(10) State Treasurer. – The incumbent Treasurer, from time to time, of the State. (2002-161, s. 9.)