Bill Summary for S 803 (2021-2022)
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AN ACT TO AUTHORIZE THE ACQUISITION OR CONSTRUCTION AND THE FINANCING, WITHOUT APPROPRIATIONS FROM THE GENERAL FUND, OF CERTAIN CAPITAL IMPROVEMENT PROJECTS OF THE CONSTITUENT INSTITUTIONS OF THE UNIVERSITY OF NORTH CAROLINA.Intro. by Lee, Ballard.
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States that the act's purpose is to authorize: (1) the acquisition or construction of the capital improvement projects listed in this act for the respective UNC institutions; and (2) the financing of these projects with funds available to the institutions from gifts, grants, receipts, self-liquidating indebtedness, Medicare reimbursements for education costs, hospital receipts from patient care, or other funds, or any combination of these funds, but not funds received for tuition or appropriated from the General Fund (unless previously authorized by General Statute). Authorizes the following capital improvement projects: (1) $20 million for the Holmes Convocation Center Parking Deck at Appalachian State University; (2) $5 million for a new residence hall at Elizabeth City State University; and (3) $80 million for an integrated sciences building at NC State University. Allows the Director of the Budget, upon request of the UNC Board of Governors (BOG) and if it is in the State's best interest, to authorize an increase or decrease in the cost of, or a change in the method of, funding the projects. Allows the BOG to issue, subject to the Director of the Budget's approval, at one time or from time to time, special obligation bonds of the BOG to pay the cost of acquiring, constructing, or providing for the projects. Caps the principal amount of bonds to be issued at the specified project costs plus 5% of that amount to pay issuance expenses, fund reserve funds, pay capitalized interest, and pay other related additional costs plus any increase in the specific project costs authorized by the Director of the Budget.