Bill Summary for H 1068 (2021)

Summary date: 

May 25 2022

Bill Information:

View NCGA Bill Details2021
House Bill 1068 (Public) Filed Wednesday, May 25, 2022
AN ACT TO AUTHORIZE THE ACQUISITION OR CONSTRUCTION AND THE FINANCING, WITHOUT APPROPRIATIONS FROM THE GENERAL FUND, AND TO MAKE TECHNICAL CORRECTIONS FOR APPROPRIATIONS RELATED TO CERTAIN CAPITAL IMPROVEMENT PROJECTS OF THE CONSTITUENT INSTITUTIONS OF THE UNIVERSITY OF NORTH CAROLINA.
Intro. by Hardister, Pickett, Hawkins, Hunter.

View: All Summaries for BillTracking:

Bill summary

Substantively identical to S 803, filed 5/25/22.

States that the act's purpose is to authorize: (1) the acquisition or construction of the capital improvement projects listed in this act for the respective UNC institutions; 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 funds received for tuition or appropriated from the General Fund (unless previously authorized by General Statute). Authorizes the following capital improvement projects: (1) $20 million for the Holmes Convocation Center Parking Deck at Appalachian State University; (2) $5 million for a new residence hall at Elizabeth City State University; and (3) $80 million for an integrated sciences building at NC State University. Allows the Director of the Budget, upon request of the UNC Board of Governors (BOG) and if it is in the State's best interest, to authorize an increase or decrease in the cost of, or a change in the method of, funding the projects. Allows the BOG to issue, subject to the Director of the Budget's approval, at one time or from time to time, special obligation bonds of the BOG to pay the cost of acquiring, constructing, or providing for the projects. Caps the principal amount of bonds to be issued at the specified project costs plus 5% of that 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.

© 2022 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view