Bill Summary for H 491 (2011-2012)

Summary date: 

Mar 28 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 491 (Public) Filed Monday, March 28, 2011
TO REQUIRE A VOTE OF THE PEOPLE FOR THE STATE OF NORTH CAROLINA TO ISSUE CERTIFICATES OF PARTICIPATION.
Intro. by R. Brown, Cleveland.

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Bill summary

Subject to the approval of the state’s qualified voters on November 6, 2012, amends Section 3 of Article V of the North Carolina Constitution to require the approval of a majority of the state’s qualified voters before the General Assembly can authorize the state to purchase, or finance or refinance the purchase, of real property by installment contracts that create a security interest in the property to secure payment of the purchase price to the seller or an entity advancing money or supplying financing for the purchase. Requires that the election be held at the same time as the election for members of the General Assembly. Provides that the new subsection also applies to financing improvement to real property.

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