A BILL TO BE ENTITLED AN ACT TO PROHIBIT ISSUANCE OF DEBT UNDER THE STATE CAPITAL FACILITIES FINANCE ACT.
House committee substitute makes the following changes to the 1st edition.
Deletes the entirety of the provisions of the previous edition.
Amends GS 142-83 (Authorization of special indebtedness; General Assembly approval), making clarifying and organizational changes and establishing a limitation clause which provides that the General Assembly can enact legislation to incur or issue special indebtedness if it determines the amount authorized does not exceed the limitations pursuant to this subsection. The determination must be based on reasonable estimations and may be relied on as conclusive once made. Provides that the sum of special indebtedness properly authorized cannot exceed 25% of the bond indebtedness of the state supported by the General Fund that was authorized by legislation enacted after January 1, 2013. Provides that, for the purposes of this section, bond indebtedness supported by the General Fund includes both special indebtedness and general obligation bond indebtedness of the state that is supported by the General Fund.
Effective when the act becomes law and applies to special indebtedness to finance the cost of capital facilities incurred on or after that date.
Amends the act's long title
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