Specifies that the purpose of this act is to authorize (1) the acquisition or construction of the capital improvements projects listed in the act for the respective institutions of The University of North Carolina and (2) the financing of these projects with funds available to the institutions from gifts, grants, receipts, self‑liquidating indebtedness, Medicare reimbursements for education costs, hospital receipts from patient care, or other funds, or any combination of these funds, but not including funds received for tuition or appropriated from the General Fund of the state unless previously authorized by General Statute. Sets out the authorized capital improvements projects and their respective costs, including projects at East Carolina University, Elizabeth City State University, North Carolina Central University, UNC-Chapel Hill, UNC-Greensboro, and Western Carolina University.

Allows the Director of the Budget, at the request of the UNC Board of Governors and upon determining that it is in the best interest of the State to do so, to authorize an increase or decrease in the cost of, or a change in the method of, funding the projects authorized by this act. 

Allows the UNC Board of Governors to issue, subject to the approval of the Director of the Budget, special obligation bonds of the Board of Governors to pay for any part of the cost of acquiring, constructing, or providing for the projects authorized by the act. Caps the maximum principal amount of bonds to be issued at the specified project costs plus 5% of such amount to pay issuance expenses, fund reserve funds, pay capitalized interest, and pay other related additional costs, plus any increase in the specific project costs authorized by the Director of the Budget.