Bill Summary for S 480 (2013-2014)

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Summary date: 

Jun 27 2013
S.L. 2013-394

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 480 (Public) Filed Wednesday, March 27, 2013
A BILL TO BE ENTITLED AN ACT TO AUTHORIZE THE ACQUISITION OR CONSTRUCTION AND THE FINANCING, WITHOUT APPROPRIATIONS FROM THE GENERAL FUND, OF CERTAIN CAPITAL IMPROVEMENTS PROJECTS OF THE CONSTITUENT INSTITUTIONS OF THE UNIVERSITY OF NORTH CAROLINA.
Intro. by Apodaca.

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Bill summary

Senate committee substitute makes the following changes to the 1st edition.

Amends act by adding new Section 2(b), which requires the Board of Governors of the University of North Carolina to prepare and report on, no later than October 1, 2013, an estimate to the Joint Legislative Commission on Governmental Operations before undertaking a project authorized by this act or the associated costs. Sets out four requirements of the report, including that it contain the total anticipated cost associated with each project and anticipated term, interest rate, structure, and debt servicing schedule of any financing of costs for each authorized project. Makes conforming changes.

Amends Section 5 of the act, specifying four conditions that are required to be met for the acquisition of the Bowman Gray & Civitan Park by Winston-Salem State University through participation in a long-term program agreement with the City of Winston-Salem, including (1) when the property that is the subject of the project is a stadium that supports a NASCAR-sanctioned one-fourth mile asphalt flat oval track, the stadium cannot be renamed and (2) when the property that is the subject of the project is a stadium that supports a NASCAR-sanctioned one-fourth mile asphalt flat oval track, no parking fees can be charged for racing events at the stadium.