1939_public laws_78_2
CHAPTER 77 AN ACT TO AUTHORIZE THE ISSUANCE OF NOTES OF THE STATE FOR THE PURPOSE OF PAYING APPRO- PRIATIONS. The General Assembly of North Carolina do enact:
That for the purpose of paying appropriations made for each year of the biennium ending June thirtieth, one thousand nine hundred and forty-one for the various institutions, departments and agencies of the State, the State Treasurer, by and with the consent of the Governor and Council of State, shall have authority to borrow in anticipation of the collection of taxes and revenues for such biennium such sum or sums as may be necessary for such purpose and as may be determined by the Governor and Council of State, and to execute and issue notes of the State for the money so borrowed, and to pledge the credit of the State for the payment thereof. Such notes may be renewed from time to time and money may be borrowed upon new notes from time to time for the payment of any indebtedness evidenced thereby. All such notes and renewal notes shall bear such date or dates and such rate or rates of interest, and shall mature in such amounts and at such time or times as may be determined by the Governor and Council of State, and shall be executed by the State Treasurer and negotiated and disposed of by him in such a manner as may be determined by the Governor and Council of State.