Senate committee substitute makes the following changes to the 4th edition. Decreases the amount of bonds to be issued and sold, if approved by the voters, to $2 billion (was, $2,859,076,952). Deletes language which stated that one of the purposes of the issuance of general obligation bonds was for the construction and renovation of highways, roads, bridges, and related road infrastructure.

Amends the findings included in the bill which provide various reasons for the issuance of the general obligation bonds. Deletes language which specified that debt payments for transportation projects had to come from the Highway Trust Fund. 

Makes conforming changes reflecting the new issuance amount above, including adjusting allocation amounts for specified projects across the state, including reducing the allocation for various statewide capital repairs and renovations. Deletes from the bill the $10,800,000 allocation for the USS NC Battleship Visitor's Center. Adds an allocation of $30 million for a new Business School at NC Central and an allocation of $23 million for a new Business School at UNC-Pembroke. Deletes the allocation for courthouse grants. Deletes all of the 15 specified allocations for National Guard and military facilities and instead allocates $70 million to National Guard Readiness centers in Guilford, Burke, and Wilkes counties. Deletes the allocation for the Highway Patrol Training Academy. Deletes all allocations previously found under the categories of Public Instruction and Transportation. Deletes allocations for various projects in the UNC System: School of Aviation, Taylor Building Renovation, Discovery Center Residence Hall, Owens Hall Renovation/Addition, West Hall Comprehensive Renovation, and Old Library Renovation. Amends the projects receiving allocations, and the amount allocated, to the zoo.

Makes conforming changes by amending the overall total allocated amounts for the different project categories. 

Amends the special allocation provisions that apply to the use of the proceeds of public improvement bonds and notes, deleting several of the provisions found in the previous edition, including deleting the following, that (1) the proceeds of public improvement bonds and notes for state parks must be used for capital improvements; any items purchased with such proceeds and installed or replaced as part of a renovation or rehabilitation must have a useful life of at least 20 years or must extend the life of the facility by at least 20 years once renovated or rehabilitated; (2) a requirement for bond proceeds for specified matching grants for local parks program under the Department of Environment and Natural Resources; (3) deletes all the specified conditions set for the allocations from the bond proceeds for public instruction for public schools capital assistance; and (4) makes conforming deletions concerning requirements for bond proceeds set aside for statewide capital repairs and renovations for state government agencies, as allocations for such projects have also been deleted. Further amends special allocation provisions to require that any items purchased with the bond proceeds for any NC Community College renovation or rehabilitation projects to have a useful life of at least 10 years or extend the life of the facility by at least 10 years once renovated or rehabilitated (previously required 20 years). Amends the matching fund requirements for community colleges to make the amount dependent on where the main campus is located. Also requires the bond proceeds used for statewide capital repairs and renovations for the University of North Carolina to be used for projects that are eligible to receive funds from the Repairs and Renovations Reserve; requires that any items purchased with the bond proceeds and installed or replaced as part of a renovation or rehabilitation projects to have a useful life of at least 10 years or must extend the life of the facility by at least 10 years once renovated or rehabilitated. Sets out additional conditions on the use of bond proceeds by universities. Adds several new allocation provisions specifically for bond proceeds used for projects for the Department of Environmental Quality for Statewide Water/Sewer Loans and Grants, including setting funding requirements and amounts for loan and grant applications. Also adds new provisions and requirements for bond proceeds used for the NC Zoological Park, providing that bond proceeds must be used for capital improvements, with any items purchased with the bond proceeds for such improvements, renovation, and rehabilitation being required to have a useful life of at least 10 years or extending the life of the facility by at least 10 years once renovated or rehabilitated. Requires bond proceeds used by the National Guard to be used for capital improvements for readiness centers in Guilford, Burke, and Wilkes counties. Makes various conforming changes to the reallocation provisions concerning bond proceeds.  

Makes conforming changes to the question that is to be placed on the ballot for approval/disapproval. Requires that absentee ballots be available 50 days before the date on which the election is to be held. Deletes language which provided for certain reimbursements to counties for specified costs incurred by holding the election. 

Amends reporting requirements for specified recipients of bond proceeds, replacing a requirement that a report be submitted to the Joint Legislative Oversight Committee with a requirement that the report now be submitted to the Joint Legislative Oversight Committee on Capital Improvements by January 1, 2017. 

Deletes a requirement that the Department of Public Safety take appropriate measures, including maximizing the use of the Inmate Construction Program, to reduce costs related to construction of correctional projects authorized in SL 2007-323, as amended.  

Specifies that the report by the Office of State Budget and Management on retained funds is to be made to the Joint Legislative Oversight Committee on Capital Improvements.

Makes various conforming changes, updating language and requirements to reflect new allocations of bond proceeds and other changes to the act.