NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

CHAPTER 1118

SENATE BILL 716

AN ACT AMENDING G.S. 160-414, 160-415, 160-416 AND 160-421.1, THE SAME BEING PART OF THE REVENUE BOND ACT OF ONE THOUSAND NINE HUNDRED AND THIRTY-EIGHT.

The General Assembly of North Carolina do enact:

Section 1.  G.S. 160-414 is hereby amended by (a) rewriting the first sentence of subdivision (4) to read as follows: "The term 'parking facilities' shall mean any area or place for the off-street parking or storing of motor and other vehicles, open to public use for a fee, and shall include, without limiting the foregoing, all real and personal property, driveways, roads, approaches, structures, garages, meters, mechanical equipment, and all appurtenances and facilities either on, above or under the ground which are used or usable in connection with such parking or storing of such vehicles.", (b) renumbering subdivision (5) as subdivision (6) and inserting a new subdivision (5) as follows: "The word 'revenue' or 'revenues' shall mean all moneys received by a municipality from, in connection with or as a result of its ownership or operation of an undertaking, including, without limitation and if deemed advisable by the municipality, moneys received from the United States of America, or any agency thereof, pursuant to an agreement with the municipality pertaining to the undertaking."

Sec. 2.  G.S. 160-415(7) is hereby amended by rewriting said Section to read as follows: "To pledge all or any part of any proceeds derived from the use of on-street parking meters to the payment of (a) the cost of operating, maintaining and improving parking facilities and all the principal of and the interest on any revenue bonds issued for parking facilities."

Sec. 3.  G.S. 160-416 is hereby amended by deleting the phrase "six months" in the last sentence of the first paragraph thereof and inserting in lieu thereof the phrase "eighteen months".

Sec. 4.  G.S. 160-421.1 is hereby amended by rewriting the first paragraph of said Section to read as follows: "A municipality is hereby authorized to provide for the issuance of revenue refunding bonds of the municipality for the purpose of refunding any revenue bonds then outstanding which shall have been issued under the provisions of this Article and any revenue bonds then outstanding issued by such municipality under other than the provisions of this Article for an undertaking the revenues of which are pledged to the payment of such bonds, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such bonds, and, if deemed advisable by the municipality, for the combined purpose of refunding any such bonds and to finance in whole or in part the reconstruction, improvement, betterment or extension of the undertaking for which the bonds to be refunded shall have been issued, or the acquisition, construction, reconstruction, improvement, betterment or extension of any undertaking combined or to be combined with the undertaking for which the bonds to be refunded shall have been issued."

Sec. 5.  All laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.

Sec. 6.  This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 30th day of June, 1969.