This is a Prior instruments and Obligations form, in addition to being made subject to all conveyances, reservations, and exceptions or other instruments of record, this assignment is made and assignee accepts this assignment subject to all terms, provisions, covenants, conditions, obligations, and agreements, including but not limited to the plugging responsibility for any well, surface restoration, or preferential purchase rights, contained in any contracts existing as of the effective date of this assignment and affecting the assigned property, whether or not recorded.
North Carolina Prior Instruments and Obligations refer to financial instruments and liabilities issued by the state of North Carolina for various purposes. These instruments serve as a means for the state to meet its funding requirements, support infrastructure development, and fulfill its obligations towards its citizens and stakeholders. Here are some key types of North Carolina Prior Instruments and Obligations: 1. General Obligation Bonds: These are long-term debt instruments issued by the state to finance essential infrastructure projects such as schools, highways, and public facilities. General obligation bonds are backed by the full faith and credit of the state, providing investors with stable and reliable returns. 2. Revenue Bonds: Revenue bonds are issued by North Carolina to fund specific projects that generate revenue, such as toll roads, airports, or public utilities. The repayment of these bonds is supported by the revenue generated by the funded project, rather than the state's general funds. 3. Special Obligation Bonds: These bonds are similar to revenue bonds, but they are backed by a specific source of revenue or collateral pledged by the state. Special obligation bonds are often issued to finance various projects, including economic development initiatives, higher education facilities, or healthcare infrastructure. 4. Lease Revenue Bonds: These bonds are issued when the state leases a particular asset, such as a government building or transportation facility. The lease payments made by the state are then used to repay the bondholders. 5. State Appropriation Obligations: State appropriation obligations are debt securities that rely on future legislative appropriations from North Carolina's general funds. These debts are usually issued to finance projects related to higher education, cultural institutions, or state-sponsored economic development activities. 6. Certificates of Participation (Cops): Cops are lease-purchase agreements under which the state sells an interest in a specific asset, such as a state-owned building, and uses the proceeds to fund new projects. Cops represent an ownership interest in the underlying asset and are backed by lease payments made by the state. 7. Installment Purchase Contracts: These are agreements under which North Carolina acquires capital assets, such as equipment or vehicles, in exchange for making installment payments over an agreed-upon period. These contracts are considered obligations of the state and are typically used for essential government operations. Overall, North Carolina Prior Instruments and Obligations encompass a wide range of financial instruments that enable the state to responsibly fund its projects, infrastructure, and other public needs. It is important for the state to carefully manage these obligations to ensure their long-term sustainability and maintain a stable financial position.
