§ 116-209.  Reserve Trust Fund created; transfer of Escheat Fund; pledge of security interest for payment of bonds; administration.

The appropriation made to the Authority under this Article shall be used exclusively for the purpose of acquiring contingent or vested rights in obligations which it may acquire under this Article; these appropriations, payments, revenue and interest as well as other income received in connection with the obligations is established as a trust fund. This fund shall be used for the purposes of the Authority other than maintenance and operation.

The maintenance and operating expenses of the Authority shall be paid from funds specifically appropriated for those purposes. No part of the trust fund established under this section shall be expended for those purposes.

The State Treasurer shall be the custodian of the assets of the Authority and shall deposit its assets with the North Carolina Investment Authority to invest these assets in accordance with Article 6 of Chapter 147 of the General Statutes. All payments from the accounts thereof shall be made by the State Treasurer issued upon vouchers signed by a person or persons designated by the Authority. A duly attested copy of a resolution of the Authority designating the persons authorized to sign the vouchers and bearing on its face the specimen signatures of the persons shall be filed with the State Treasurer as authority for issuing warrants upon vouchers in accordance with this section.

The trust fund is designated "Reserve Trust Fund" and shall be maintained by the Authority, except as otherwise provided, pursuant to the provisions of this Article, as security for or insurance respecting any bonds or other obligations issued by the Authority under this Article. The corpus of the Escheat Fund, including all future additions other than the income, are transferred to, and become, a part of the Reserve Trust Fund and shall be accounted for, administered, invested, reinvested, used and applied as provided in Chapter 116B of the General Statutes. The Authority may pledge and vest a security interest in all or any part of the Reserve Trust Fund by resolution adopted or trust agreement approved by it as security for or insurance respecting the payment of bonds or other obligations issued under this Article. The Reserve Trust Fund shall be held, administered, invested, reinvested, used and applied as provided in any resolution adopted or trust agreement approved by the Authority, subject to the provisions of this Article and Chapter 116B of the General Statutes.  (1965, c. 1180, s. 1; 1979, c. 165, s. 4; c. 467, s. 8; 1987, c. 227, s. 5; 2026-50, s. 3.1(k).)