AN ACT TO AUTHORIZE THE ACQUISITION OR CONSTRUCTION AND THE FINANCING, WITHOUT APPROPRIATIONS FROM THE GENERAL FUND, OF CERTAIN CAPITAL IMPROVEMENT PROJECTS OF THE CONSTITUENT INSTITUTIONS OF THE UNIVERSITY OF NORTH CAROLINA. SL 2019-124. Enacted July 19, 2019. Effective July 19, 2019.
Summary date: Jul 22 2019 - View summary
Summary date: May 29 2019 - View summary
House committee substitute makes the following changes to the 1st edition. Adds the UNC School of the Arts new residence hall project, with a cost of $46 million, to the UNC capital improvement projects authorized to be acquired or constructed under the act.
Summary date: Mar 20 2019 - View summary
Provides that the act's purpose is to authorize: (1) the acquisition or construction of specified UNC capital improvement projects for specified constituent institutions and (2) the financing of the projects with described funds available, or other funds, or any combination of the funds, but not including funds received for tuition or appropriated from the General Fund unless previously authorized by statute. Specifies the authorized capital improvement projects and their costs to be the Southeast Dining Facility at UNC-Wilmington ($14 million) and the Lower Campus Residence Halls at Western Carolina ($60 million). Allows financing to include revenue bonds and/or special obligation bonds. Authorizes the Director of the Budget to increase or decrease the cost, or change the method, of funding for the projects at the request of the UNC Board of Governors (UNC BOG) and on a determination that it is in the best interest of the State. Permits consultation with the Joint Legislative Commission on Governmental Operations.
Authorizes the UNC BOG to issue at one time or from time to time special obligation bonds, pursuant to GS 116D-26 and subject to the approval of the Director of Budget, for the purpose of paying all or any part of the cost of providing for the authorized projects. Caps the maximum principal amount of the bonds at the specified project cost provided by the act plus 5% to pay issuance expenses, fund reserve funds, pay capitalized interest, and pay any other additional costs, plus any increase in the specific project costs authorized pursuant to the act.