A BILL TO BE ENTITLED AN ACT TO PROHIBIT ISSUANCE OF DEBT UNDER THE STATE CAPITAL FACILITIES FINANCE ACT. Enacted June 12, 2013. Effective June 12, 2013.
Summary date: Jun 13 2013 - View summary
Bill S 129 (2013-2014)Summary date: Apr 30 2013 - View summary
Senate committee substitute to the 1st edition makes the following changes. Deletes proposed amendments to GS 142-84 and instead amends GS 142-83 as follows. Allows the General Assembly to enact legislation to incur or issue special indebtedness only if it determines at the time the legislation is enacted that the amount of special indebtedness does not exceed the specified limitations. Provides that the determination is to be based on reasonable estimations and may be relied on as conclusive. Caps the sum of the special indebtedness authorized by the legislation and all of the special indebtedness authorized by legislation enacted after January 1, 2013, at 25% of the bond indebtedness of the state supported by the General Fund that was authorized pursuant to legislation enacted after January 1, 2013.
Bill S 129 (2013-2014)Summary date: Feb 25 2013 - View summary
Amends GS 142-84 of the State Capital Facilities Finance Act, adding a new subsection requiring that resolutions that authorize special indebtedness must make a determination that the sum of the special indebtedness proposed to be issued, as well as all other outstanding special indebtedness of the state authorized after July 1, 2013, does not exceed 25% of the total outstanding debt of the state that is supported by the General Fund. This does not apply to to the issuance of bonds or notes for refunding purposes pursuant to GS 142-89(f).
Effective July 1, 2013, and applies to special indebtedness used to finance the cost of capital facilities incurred on or after that date.