1938/39 public laws – Ch.1 Sec.11
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CHAPTER 1 AN ACT TO AUTHORIZE THE ISSUANCE OF BONDS AND NOTES OF THE STATE FOR PERMANENT IMPROVE- MENTS OF STATE INSTITUTIONS, DEPARTMENTS AND AGENCIES AND CONSTRUCTION OF BUILDINGS AND PERMANENT IMPROVEMENTS FOR THE STATE. The General Assembly of North Carolina do enact:
By and with the consent of the Governor and Council of State, who shall determine the rate or maximum rate of interest and the date or approximate date of payment, the State Treasurer is hereby authorized to borrow money at the lowest rate of interest obtainable, and to execute and issue notes of the State for the same, but only in the following circumstances and under the following conditions: (a) For anticipating the sale of any of said bonds to the issuance of which the Governor and Council of State shall have given consent, if the Treasurer shall deem it advisable to postpone the issuance of such bonds. (b) For the payment of interest upon or principal of any of said bonds then outstanding, if there shall not be sufficient funds in the State Treasury with which to pay such interest or principal as they respectively fall due. (c) For the renewal of any loan evidenced by notes herein authorized.