§ 142-86. Financing contract indebtedness.
§ 142‑86. Financingcontract indebtedness.
(a) Documentation. Financing contract indebtedness shall not be incurred until all documentationproviding for its incurrence has been approved by the State Treasurer after theState Treasurer has consulted with the Department of Administration.
(b) Interest Component. A financing contract may provide for payments under the contract to representprincipal and interest components of the cost of the capital facility to befinanced, as determined by the State Treasurer.
(c) Bidding. Financing contracts may be entered into pursuant to any applicable public orcompetitive bidding process or any private or negotiated process, to the extentrequired by applicable law and, if not so required, as may be determined by theDepartment of Administration after consulting with the State Treasurer.
(d) Party. Allfinancing contracts shall be executed on behalf of the State by the StateTreasurer or, upon delegation by the State Treasurer after the StateTreasurer's having approved the financing contract, by the Department ofAdministration.
(e) Credit Facility. If the State Treasurer determines that it is in the best interest of the State,the State Treasurer may arrange for the delivery of a credit facility to securepayment under any financing contract. The State Treasurer may also provide thatpayments by the State representing the interest component of the payments to bemade under a financing contract may be calculated based upon a fixed or avariable rate of interest.
(f) Terms andConditions. All other conditions set forth elsewhere in this Article withrespect to financing contract indebtedness shall also be satisfied prior toincurring any financing contract indebtedness. To the extent applicable asconclusively determined by the State Treasurer, the provisions of G.S. 142‑89,142‑90, and 142‑91 apply to financing contract indebtedness. (2003‑284, s. 46.2;2003‑314, s. 1; 2004-203, s. 79.)