NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 953

HOUSE BILL 1414

 

 

AN ACT TO AUTHORIZE THE ISSUANCE OF $2,000,000 IN BONDS OF THE STATE TO PROVIDE FUNDS FOR ZOOLOGICAL PARK FACILITIES IN THE STATE SUBJECT TO A VOTE OF THE PEOPLE OF THE STATE.

 

Whereas, the North Carolina Zoological Park by its concept and design will maintain and promote the principles of conservation and protection of our natural resources; and

Whereas, the purpose of the Park is to supplement the excellent educational resources of the State at all levels; and

Whereas, the establishment and development of the Park shall be a viable and dynamic force in the economy of the State by providing new sources of income and creating new jobs; and

Whereas, the Park will add land for and create new opportunities in family-type recreation to all residents of the State; and

Whereas, the Park will have a beneficial and widespread effect on all segments of the State's business and social communities; and

Whereas, the initial construction financing of the Park is beyond the resources of any one community, county, or region; and

Whereas, subsequent construction financing for the Park will come largely from non-State funds; and

Whereas, the 1971 General Assembly cannot appropriate sufficient funds for initial construction financing due to great demands from other sectors of State needs; Now, therefore,

 

The General Assembly of North Carolina enacts:

 

Section 1.  Subject to a favorable vote of a majority of the qualified voters of the State who shall vote in the election called and held as hereinafter provided, the State Treasurer is hereby authorized, by and with the consent of the Governor and Council of State, to issue and sell, at one time or from time to time, bonds of the State to be designated "State of North Carolina Zoological Park Facilities Bonds," in an aggregate principal amount not exceeding two million dollars ($2,000,000), for the purpose of providing initial funds, with any other funds available therefor, for the planning, design, and construction of the North Carolina Zoological Park.

The proceeds of the sale of the bonds authorized by this act are hereby appropriated for the purposes set forth in this act; and this appropriation shall be in addition to all other appropriations heretofore made or winch may be made at the 1971 Session of the General Assembly.

Sec. 2.  Funds received and disbursed under the provision of this act shall be administered by the North Carolina Zoological Authority and shall he used only for the purposes specified in this act.

Sec. 3.  The proceeds of sale of the bonds authored by this act may be used in conjunction with any private or federal funds available for the planning, design or construction of the North Carolina Zoological Park, and the North Carolina Zoological Authority is authorized to solicit and apply for and accept any private or federal funds and to agree to the terms and conditions under which such funds shall be made available.

Sec. 4.  Any expenses necessarily incurred in the preparation and sale of the bonds and any bond anticipation notes herein authorized shall be paid from the Contingency and Emergency Fund.

Sec. 5.  The bonds herein authorized shall bear such date or dates shall be serial bonds and shall mature at such times and in such amounts, not exceeding twenty-five (25) years from their date or dates, shall bear interest at such rate or rates, and may be made redeemable, before maturity, at the option of the State, at such price or prices and under such terms and conditions, as may be fixed by the State Treasurer with the approval of the Governor and Council of State.

Sec. 6.  The bonds issued pursuant to this act shall be signed on behalf of the State of North Carolina by the Governor or shall bear his facsimile signature; shall be signed by the State Treasurer, or shall bear his facsimile signature, shall bear the Great Seal of the State or a facsimile thereof impressed or imprinted thereon; and shall carry interest coupons which shall bear a facsimile of the signature of the State Treasurer. In the event that the bonds shall bear the facsimile signature of the State Treasure, the bonds shall also be signed by an assistant treasurer, or a deputy treasurer, as the State Treasurer shall determine. Should any officer whose signature or facsimile appears on any bonds or coupons cease to be such officer before the delivery of the bonds, such signature or facsimile shall nevertheless have the same validity for all purposes as if the officer had remained in office until delivery The form and denomination of the bonds shall be as the State Treasurer may determine in conformity with this act, and the bonds shall be subject to registration as is now or hereafter may be provided by law for State bonds, and provision may also be made for the reconversion into coupon bonds of any bonds registered as to both principal and interest.

Sec. 7.  Subject to determination by the Governor and Council of State of the manner in which the bonds shall be offered for sale, whether by publishing notices in certain newspapers and financial journals or by mailing notices or by inviting bids by correspondence or otherwise, the State Treasurer is authorized to sell the bonds at one time or from time to time at the best price obtainable, but in no case for less than par and accrued interest. All expense necessarily incurred in the preparation and sell of the bonds and any bond anticipation notes herein authorized shall be paid from the Contingency and Emergency Fund.

Sec. 8.  The proceeds of sale of the bonds and of the bond anticipation notes herein authorized, except the proceeds of bonds the issuance of which has been anticipated by such bond anticipation notes, shall be placed by the State Treasurer in a special fund known as the "Zoological Park Facilities Fund of 1971," and shall be disbursed, under the direction and supervision of the North Carolina Zoological Authority, as herein provided.

Sec. 9.  By and with consent of the Governor and Council of State, who shall determine the rate or rates or maximum rate of interest and the date or approximate date of payment, the State Treasurer is hereby authorized to borrow money at the lowest rate of interest obtainable, and to execute and issue notes of the State for the same, but only in the following circumstances and under the following conditions:

(a)        For anticipating the sale of any of said bonds to the issuance of which the Governor and Council of State shall have given consent, if the State Treasurer shall deem it advisable to postpone the issuance of such bonds;

(b)        For the payment of interest upon or any installment of principal of any said bonds then outstanding, if there shall not be sufficient funds in the State Treasury with which to pay such interest or installment of principal as they respectively fall due;

(c)        For the renewal of any loan evidenced by notes herein authorized.

Sec. 10.  Funds derived from the sale of bonds herein authorized shall be used in the payment of any bond anticipation notes that may have been issued in anticipation of the sale of such bonds and any renewals of such notes; and funds provided by the General Assembly for the payment of interest on or principal of bonds herein authorized shall be used in paying the interest on or principal of any notes and any renewals thereof the proceeds of which shall have been used in paying interest on or principal of such bonds. Interest payable upon said notes may be evidenced by interest coupons in the State Treasurer's discretion.

Sec. 11.  The full faith, credit and taxing power of the State are hereby pledged for the payment of the principal of and the interest on the bonds and notes herein authorized.

Sec. 12.  The coupons appertaining to the bonds and notes after maturity shall be receivable in payment of all taxes, debts, dues, licenses, fines and demands of any kind whatsoever due the State.

Sec. 13.  All of the bonds and notes and coupons authorized by this act shall be exempt from all State, county and municipal taxation or assessment, direct or indirect, general or special, whether imposed for the purpose of general revenue or otherwise, and the interest on said bonds and notes shall not be subject to taxation as for income, nor shall said bonds or notes or coupons be subject to taxation when constituting a part of the surplus of any bank, trust company or other corporation.

Sec. 14.  It shall be lawful for all executors, administrators, guardians and fiduciaries generally, and all sinking fund commissions, to invest any moneys in their hands in said bonds and notes.

Sec. 15.  The question of the issuance of the two million dollar ($2,000,000) State of North Carolina Zoological Park Facilities Bonds authorized by this act shall be submitted to the qualified voters of the State of North Carolina at an election to be held on a date in 1971 or 1972 to be fixed by the Governor by a proclamation issued by him; provided, that the election therein provided for may be held on the same day as any other State, county, municipal or district election, and any other State, county, municipal or district election may be validly held on the same day as the bond election provided for in this act. Notice of the bond election shall be given by publication at least twice in a newspaper published in each county in the State or having a general circulation therein, and said election and the registration of voters therefor shall be held under and in accordance with the general laws of the State of North Carolina, except that no absentee ballots shall be allowed in said election. The State of North Carolina shall reimburse the counties of the State for all necessary expenses incurred in holding said election and registration therefor, the same to be paid out of the Contingency and Emergency Fund unless said election is held at the same time as the 1972 State primary election or 1972 State general election or some other Statewide election, in which case the State shall furnish to the counties all of the bond ballots and return forms, and the counties shall pay all other regular election expenses. The State Board of Elections shall cause to be printed and distributed the ballots which are to be used in said election, which said ballots shall be substantially in the following form:

OFFICIAL BALLOT

TWO MILLION DOLLAR STATE OF NORTH CAROLINA ZOOLOGICAL

PARK FACILITIES BONDS

Instructions for Marking Ballot

(a)        To vote in favor of the issuance of the bonds, make a cross (x) mark in the square opposite the words "For the issuance of Two Million Dollar ($2,000,000) State of North Carolina Zoological Park Facilities Bonds."

(b)        To vote against the issuance of bonds, make a cross (x) mark in the square opposite the words "Against the issuance of Two Million Dollar ($2,000,000) State of North Carolina Zoological Park Facilities Bonds."

(c)        If you tear or deface or wrongly mark this ballot, return it and get another.

□       For the issuance of two million dollar

($2,000,000) State of North Carolina

Zoological Park Facilities Bonds.

□       Against the issuance of two million dollar

($2,000,000) State of North Carolina Zoological

Park Facilities Bonds.

            (Facsimile signature)            

Chairman, State Board of Elections

Those voting in said election who are in favor of the issuance of said bonds shall vote by making an x or check mark in the square opposite the words "For the issuance of two million dollar ($2,000,000) State of North Carolina Zoological Park Facilities Bonds."

Those opposed to the issuance of said bonds shall vote by making an x or check mark in the square opposite the words "Against the issuance of two million dollar ($2,000,000) State of North Carolina Zoological Park Facilities Bonds."

Notwithstanding the foregoing provisions of this section, voting machines may be used in accordance with rules and regulations prescribed by the State Board of Elections.

If a majority of those voting in said election shall vote in favor of the issuance of the bonds, the bonds shall be issued as hereinbefore provided. In the event a majority of those voting in said election shall vote against the issuance of the bonds, the bonds shall not be issued.

The result of the election shall be canvassed and declared as provided by law for the holding of elections for State Officers and the result thereof certified by the State Board of Elections to the Secretary of State of North Carolina, in the manner and at the time provided by the general election laws of the State.

Sec. 16.  All laws and clauses of laws in conflict with this act are hereby repealed.

Sec. 17.  This act shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 19th day of July, 1971.