Makes a statement that the purpose of the act is to authorize the acquisition or construction of certain capital improvements projects for the respective institutions of UNC and to authorize 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 including funds received for tuition or appropriated from the General Fund of the State unless previously authorized by General Statute.

Directs that the capital improvement projects (which are not listed) and their respective costs authorized by the act are to be acquired or constructed and financed as described above, including by revenue bonds, by special obligation bonds as authorized in the act, or both. 

Allows the Director of Budget to authorize an increase or decrease in cost of, or change in the method of, funding the projects at the request of the Board of Governors of UNC and upon determining that it is in the best interest of the State to do so. Allows the Director of Budget to consult with the Joint Legislative Commission on Governmental Operations in making the determination of whether to authorize a change in cost or funding.

Authorizes the Board of Governors to issue, subject to the approval of the Director of the Budget, at one time or from time to time, special obligation bonds of the Board of Governors for the purpose of paying all or any part of the cost of acquiring, constructing, or providing for the authorized projects.

Establishes that the maximum principal amount of bonds to be issued cannot exceed the specified project costs under the act plus 5% of the 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 pursuant to the act.