2010 North Carolina Code
Chapter 159I Solid Waste Management Loan Program and Local Government Special Obligation Bonds.
159I-4. Creation of Agency.

159I‑4. Creation of Agency.

(a) A body politic and corporate to be known as the "North Carolina Solid Waste Management Capital Projects Financing Agency" is created. This Agency shall be a public agency and an instrumentality of the State for the performance of essential governmental and public functions.

(b) The Board of Directors of this Agency shall be its governing board, which shall consist of five members. One of the members of the Board shall be the State Treasurer who shall serve ex officio. The State Treasurer shall be Chairman of the Board of Directors. Two members shall be appointed by the Governor, one member shall be appointed by the General Assembly upon the recommendation of the Speaker of the House of Representatives in accordance with G.S. 120‑121 and one member shall be appointed by the General Assembly upon the recommendation of the President Pro Tempore in accordance with G.S. 120‑121. The appointments to be made initially by the Governor shall be for terms beginning on the dates of their respective appointments and expiring on June 30, 1990, and June 30, 1992. The appointments to be made initially by the General Assembly as recommended by the Speaker of the House of Representatives and by the General Assembly as recommended by the President Pro Tempore of the Senate shall be for terms beginning on the date of their respective appointments and expiring on June 30, 1991. Appointments made to succeed the initial appointments shall be for two‑year terms commencing, respectively, on July 1, 1990, July 1, 1991, and July 1, 1992, and subsequent appointments shall be for two‑year terms.

(c) All members of the Board shall remain in office until their successors are appointed and qualify. Vacancies in appointments made by the Governor shall be filled by the Governor for the remainder of the unexpired terms. Vacancies in appointments made by the General Assembly shall be filled in accordance with G.S. 120‑122. Persons appointed to fill vacancies shall qualify in the same manner as persons appointed for full terms.

(d) Any member of the Board may be removed from office for misfeasance, malfeasance, nonfeasance, or improper influence in accordance with the provisions of G.S. 143B‑13 and the resulting vacancy shall be filled as provided herein for vacancies in general.

(e) The Board of Directors shall adopt bylaws with respect to the call of meetings, quorums, voting procedures, the keeping of records, and such other organizational and administrative matters as the Board of Directors may determine. A quorum shall consist of no less than three members of the Board.

(f) No vacancy in the membership of the Board of Directors shall impair the right of a quorum to exercise all rights and to perform all the duties of the Board of Directors and the Agency.

(g) No part of the revenues or assets of the Agency shall inure to the benefit of or be distributable to its members or officers or other private persons. The members of the Board of Directors shall receive no salary for their services but shall be entitled to receive per diem and allowances in accordance with the provisions of G.S. 138‑5.

(h) The Agency shall be contained within the Department of State Treasurer as if it had been transferred to that Department by a Type II transfer as defined in G.S. 143A‑6(b). (1989, c. 756, s. 1.)