North Carolina § 159-109 - Special covenants.
Full text of North Carolina North Carolina General Statutes § 159-109 — Special covenants., with citation guidance and answers to common questions.
§ 159-109. Special covenants.
A project development financing debt instrument order or a trust agreement securing project development financing debt instruments may contain covenants regarding: The pledge of all or any part of the taxes received or to be received on the incremental valuation in the development financing district during the life of the debt instruments. Rates, fees, rentals, tolls, or other charges to be established, maintained, and collected, and the use and disposal of revenues, gifts, grants, and funds received or to be received. The setting aside of debt service reserves and the regulation and disposition of these reserves. The custody, collection, securing, investment, and payment of any moneys held for the payment of project development financing debt instruments. Limitations or restrictions on the purposes to which the proceeds of sale of project development financing debt instruments may be applied. Limitations or restrictions on the issuance of additional project development financing debt instruments or notes for the same development financing district, the terms upon which additional project development financing debt instruments or notes may be issued or secured, or the refunding of outstanding project development financing debt instruments or notes. The acquisition and disposal of property for project development financing debt instrument projects. Provision for insurance and for accounting reports, and the inspection and audit of accounting reports. The continuing operation and maintenance of projects financed with the proceeds of the project development financing debt instruments. History (2003-403, s. 2.)
Frequently Asked Questions About North Carolina § 159-109
What does North Carolina General Statutes § 159-109 cover?
Section 159-109 ("Special covenants.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 159-109?
A common citation format is "North Carolina General Statutes § 159-109" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 159-109 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.