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Sec. 5. Issuance of bonds, etc., by airport authority.
   The airport authority is hereby declared to be a “municipality” within the meaning of the Revenue Bond Act of 1938 having the power to issue revenue bonds for airport purposes under and pursuant to the provisions thereof. In addition to the power conferred upon the airport authority by the Revenue Bond Act to issue revenue refunding bonds for the purposes set forth in said act, the airport authority is hereby authorized to issue revenue refunding bonds under the Revenue Bond act for the purpose of refunding any revenue bonds then outstanding which shall have been issued under the provisions of the Revenue Bond Act or any bonds, notes, or other securities then outstanding which shall have been issued under the provisions of this act, or any combination thereof, including the payment of any redemption premium thereon and any interest accrued or to be accrued to the date of redemption of such bonds, notes, or other securities, and, if deemed advisable by the board of directors, to provide for the issuance of revenue refunding bonds under the Revenue Bond Act for the combined purpose of (a) refunding any bonds then outstanding which shall have been issued under the provisions of the Revenue Bond Act or any bonds, notes, or other securities then outstanding which shall have been issued under the provisions or this act, or any combination thereof, and (b) financing in whole or in part the reconstruction, improvement, betterment, or extension of the undertaking or facility for which the bonds, notes or other securities to be refunded shall have been issued, or the acquisition, construction, reconstruction, improvement, betterment, or extension of any undertaking or facility combined or to be combined with the undertaking or facility for which the bonds, notes, or other securities to be refunded shall have been issued. The issuance of any such revenue refunding bonds by the airport authority under the provisions of the Revenue Bond Act shall be governed by the provisions of the Revenue Bond Act insofar as the same may be applicable. The powers contained in the Revenue Bond Act and hereby conferred on the airport authority shall be deemed to be in addition to and not in substitution for the powers conferred on the airport authority by this act so that the airport authority may, at its option, proceed under the Revenue Bond act without regard to any restrictions or limitations imposed by this act or proposed under this act without regard to any restrictions or limitations imposed by the Revenue Bond Act; provided, however, that in no event shall any bonds, notes, or other securities, including any revenue bonds issued under the Revenue Bond Act, be issued by the airport authority without the approval of the board of commissioners for the County of Dare.
(Sess. Laws 1971, ch. 503, § 5.)
Sec. 6. Issuance of bonds by county.
   For the purpose of aiding the airport authority in the financing of improvements at the airport facilities of the airport authority, the County of Dare is hereby authorized to issue bonds, under and pursuant to the County Finance Act, for airport purposes as provided in section 153-77 of said act the same as if such bonds were to be issued to finance improvements at an airport owned and operated by the County of Dare. The proceeds of the sale of any such bonds may be expended by the County of Dare or by the airport authority as may be determined by the board of commissioners for the County of Dare.
(Sess. Laws 1971, ch. 503, § 6.)
Sec. 7. Acquisition from county of property for construction, operation and maintenance of airport.
   The airport authority is hereby authorized and empowered to acquire from the County of Dare by agreement therewith, and such county is hereby authorized and empowered to grant and convey, either by gift or for such consideration as it may be deemed wise, any real or personal property which is now owns or may hereafter be acquired, and which may be necessary for the construction, operation and maintenance of any airport located in the County of Dare.
(Sess. Laws 1971, ch. 503, § 7.)
Sec. 8. Lands owned, occupied, etc., by airport authority declared to be owned, occupied, etc., for public purpose.
   Any lands acquired, owned, controlled or occupied by said airport authority shall and are hereby declared to be acquired, owned, controlled and occupied for a public purpose.
(Sess. Laws 1971, ch. 503, § 8.)
Sec. 9. Acquisition of private property or aviation easements.
   Private property needed by said airport authority for any airport, landing field or facilities of same may be acquired by gift or devise, or may be acquired by private purchase or by the exercise of the power of eminent domain, pursuant to the provisions of chapter 40 of the General Statutes of North Carolina, as amended.
   Aviation easements needed by the airport authority for any airport, landing field or facilities of same may likewise be acquired by gift, devise, or private purchase or by the exercise of the power of eminent domain by said authority, pursuant to the provisions of chapter 40 of the General Statutes of North Carolina.
(Sess. Laws 1991, ch. 503, § 9.)
Sec. 10. Annual report to board of commissioners; limitations on powers.
   The said airport authority shall make an annual report to the Dare County commissioners setting forth in detail the operations and transactions conducted by it pursuant to this act. The said airport authority shall be regarded as the corporate instrumentality and agent for the County of Dare for the purpose of developing airport facilities in the County of Dare but it shall have no power to pledge the credit of the County of Dare or any subdivision thereof, or to impose any obligation upon the County of Dare or any subdivision thereof, except and when such power is expressly granted by statute or the consent of the County of Dare.
(Sess. Laws 1971, ch. 503, § 10.)
Editor’s Note:
   As to quarterly reports to board of commissioners, see section 18 of this act.
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