Provides the purpose of the act is to authorize (1) the acquisition or construction of the capital improvements projects identified for the respective UNC institutions and (2) the financing of the identified projects with funds available 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 excluding funds received from tuition or appropriated from the General Fund unless previously authorized by statute.

Identifies the capital improvement projects and their respective costs authorized to be acquired or constructed and financed as specified by the act. The projects and their costs include:

• Sanford Hall Complete Renovation and Modernization at Appalachian State University for $18 million
• Translation Research Building and Parking Deck at S1 Lot at UNC-Chapel Hill for $23 million and $6,782,516, respectively
• Residence Hall Phase XVI at UNC-Charlotte for $34 million
• Ragsdale Mendenhall Residence Hall Renovation at UNC-Greensboro for $8 million
• Campus Rec/Baseball Softball Outdoor Complex at UNC-Pembroke for $4.4 million
• Parking Deck II and Surface Parking at UNC-Wilmington for $20,420,000

Allows the Director of the Budget, at the request of the UNC Board of Governors (BOG) and upon determining that it is in the best interest of the state, to authorize an increase or decrease in the cost of or change in the method of funding the identified projects. Permits consultation with the Joint Legislative Commission on Governmental Operations in determining whether to authorize a change in cost or funding.

Subject to the approval of the Director of Budget, authorizes the BOG to issue special obligation bonds to pay all or part of the cost of acquiring, constructing, or providing for the identified capital improvement projects set out above. Limits the maximum principal amount of bonds from exceeding the specified project cost provided by the act plus 5% of that amount to pay administrative and other expenses.