North Carolina State Ports Authority v. First-Citizens Bank & Trust Co.

Upon waiver of jury trial, the court found the facts. G.S. 1-262. The findings based on competent evidence, embrace all facts narrated in the foregoing statement and in this opinion.

The questions for decision are these: (1) Does Section 13 of the State Ports Bonds Act, quoted above, prohibit or suspend, as long as any of the State Ports Bonds remain outstanding and unpaid, the Authority’s right to raise $60,000 of the cost of construction of the Facility by the issuance and sale of the Revenue Bonds and to pledge the revenues to be derived from the Facility to secure payment thereof? (2) If…