North Carolina § 159-193 - Definitions.

§ 159-193. Definitions.

The following definitions apply in this Article: Governmental unit. - Any of the following: A unit of local government as defined in G.S. 159-44. A municipality as defined in G.S. 159-81. A joint agency as defined in G.S. 159B-3. Any department, agency, board, commission, or authority of the State that is authorized by law to issue bonds. 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. Obligations. - Any of the following: Bonds, notes, bond anticipation notes, or other evidences of indebtedness issued by a governmental unit. Lease purchase or installment financing agreements entered into by a governmental unit. Swap agreement. - Any of the following: 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. Any combination of the agreements described in sub-subdivision a. of this subdivision. A master agreement for any of the agreements described in sub-subdivisions a. and b. of this subdivision, together with all supplements. One or more transactions entered into pursuant to a master agreement. History (2003-388, s. 4; 2005-403, s. 4.) Editor's Note. - The preamble to Session Laws 2003-388 reads: "Whereas, the State Treasurer's Office formed a Public Finance Advisory Committee comprised of representative city and county governments, as well as the public finance bar and financial services sectors, to review and propose changes to the General Statutes dealing with public finance in an effort to strengthen, modernize, and provide for the most efficient method of issuing of public debt by local governments and other political subdivisions of the State; and "Whereas, the Public Finance Advisory Committee has developed, and the State Treasurer's Office has reviewed, a set of recommendations to the General Assembly for specific changes to relevant General Statutes around which there is consensus that the proposed changes are beneficial to local governments in their issuance of public debt; and "Whereas, the Local Government Commission remains the statutorily designated entity to which all proposed issuances must be submitted for approval, and these recommendations in no way lower or lessen the level of due diligence performed in determining the appropriateness of a specific issuance; and "Whereas, for these reasons, this legislation is submitted for consideration by the General Assembly on behalf of the State Treasurer, the staff of the Local Government Commission, and the Public Finance Advisory Committee; Now, therefore, "The General Assembly of North Carolina enacts:" Session Laws 2005-403, s. 1, provides: "The Secretary of the Department of Transportation and the State Treasurer shall jointly form a committee to develop a plan to implement the provisions of this act. The plan shall address all financial, legal, and practical issues involved in issuing 'GARVEE' bonds. The plan shall be submitted to the Board of Transportation for review and comment. Following review of the plan by the Board, the two Departments shall jointly submit their implementation plan to the cochairs of the Transportation Appropriations Subcommittee and the cochairs of the Joint Legislative Transportation Oversight Committee by December 1, 2005." Effect of Amendments. - Session Laws 2005-403, s. 4, effective September 20, 2005, substituted "in connection with the issuance, incurrence, carrying, or securing" for "when participating in the issuance or incurrence" in subdivision (1)e.