NORTH CAROLINA GENERAL ASSEMBLY

1959 SESSION

CHAPTER 1302

HOUSE BILL 1243

AN ACT TO AUTHORIZE THE BOARD OF ALDERMEN OF THE TOWN OF WRIGHTSVILLE BEACH TO CONSTRUCT, IMPROVE, ENLARGE, EXTEND, EQUIP AND LEASE PROPERTIES RELATING TO TOURISTS AND RESORT-CONVENTION HOTELS IN THE TOWN OF WRIGHTSVILLE BEACH AND TO ISSUE REVENUE BONDS THEREFOR.

The General Assembly of North Carolina do enact:

Section 1. The Board of Aldermen of the Town of Wrightsville Beach is hereby authorized and empowered, upon the approval of a three-fourths majority of said board:

(a)       to construct, improve, enlarge, extend and equip any property or properties relating or deemed to be necessary and advisable for the promotion, development and maintenance of tourists and convention trade, including, without limitation, tourists, resort-convention hotels and related facilities, and

(b)       to hold, operate, manage and lease any such property or properties to a public agency or instrumentality or to any private person, firm or corporation upon such terms and conditions and for such period or periods as the said board of aldermen deem to be in the best interest of the Town of Wrightsville Beach.

Sec. 2. The Board of Aldermen of the Town of Wrightsville Beach is hereby authorized and empowered to issue negotiable, self-liquidating, revenue bonds under and pursuant to the Revenue Bond Act of 1938 to pay all or any part of the costs of any acquisition, construction, improvement, enlargement, extension or equipment of any such property or properties. The principal and interest of the revenue bonds shall be payable solely from the operation of all or any part of the property or facilities authorized under the provisions of this Act. The board of aldermen may pledge all or any part of the revenues derived from the operation of the properties or facilities to secure the payment of said bonds as they mature. The revenue bonds issued under the provisions of this Act shall not be deemed to constitute a debt or obligation of the Town of Wrightsville Beach, and no public funds or any form of taxation whatsoever shall be used for the payment of such revenue bonds. The revenue bonds authorized under this Act, the income thereof and any gain realized in the sale thereof shall be exempt from all municipal, county and State taxation.

Sec. 3. The powers granted under the provisions of this Act to the Board of Aldermen of the Town of Wrightsville Beach shall be in addition to and not in substitution for any other powers heretofore or hereafter granted to said board.

Sec. 4. All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 5. This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 20th day of June, 1959.