North Carolina General Statutes 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 N.C. Gen. Stat. § 159-44
b. A municipality as defined in N.C. Gen. Stat. § 159-81
c. A joint agency as defined in N.C. Gen. Stat. § 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.
Terms Used In North Carolina General Statutes 159-193
- Commission: means the Local Government Commission. See North Carolina General Statutes 159-1
- 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
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
(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.)