Bill Summary for S 129 (2013-2014)

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Summary date: 

Feb 25 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 129 (Public) Filed Monday, February 25, 2013
A BILL TO BE ENTITLED AN ACT TO PROHIBIT ISSUANCE OF DEBT UNDER THE STATE CAPITAL FACILITIES FINANCE ACT.
Intro. by Tucker.

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Bill summary

Amends GS 142-84 of the State Capital Facilities Finance Act, adding a new subsection requiring that resolutions that authorize special indebtedness must make a determination  that the sum of the special indebtedness proposed to be issued, as well as all other outstanding special indebtedness of the state authorized after July 1, 2013, does not exceed 25% of the total outstanding debt of the state that is supported by the General Fund. This does not apply to  to the issuance of bonds or notes for refunding purposes pursuant to GS 142-89(f).

Effective July 1, 2013, and applies to special indebtedness used to finance the cost of capital facilities incurred on or after that date.