Bill Summaries: H1081 UNC CAPITAL PROJECTS.

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  • Summary date: May 14 2020 - View Summary

    Identical to S 733, filed 5/13/2020.

    Provides that the act's purpose is to authorize: (1) the acquisition or construction of specified UNC capital improvement projects for specified constituent institutions and (2) the financing of the projects with described funds available, or other funds, or any combination of the funds, but not including funds received for tuition or appropriated from the General Fund unless previously authorized by statute. Specifies the authorized capital improvement projects and their costs to be the Morehead Chemistry Laboratory HVAC Upgrades at UNC-Chapel Hill ($22 million), Phase 1 of the Campus-Wide Life Safety Upgrades at UNC-Chapel Hill ($6.5 million), and Phase 2 of the Lower Campus Residence Halls at Western Carolina University ($20 million). Allows financing to include revenue bonds and/or special obligation bonds. Authorizes the Director of the Budget to increase or decrease the cost, or change the method, of funding for the projects at the request of the UNC Board of Governors (UNC BOG) and on a determination that it is in the best interest of the State. Permits consultation with the Joint Legislative Commission on Governmental Operations.

    Authorizes the UNC BOG to issue at one time or from time to time special obligation bonds, pursuant to GS 116D-26 and subject to the approval of the Director of Budget, for the purpose of paying all or any part of the cost of providing for the authorized projects. Caps the maximum principal amount of the bonds at the specified project cost provided by the act plus 5% to pay issuance expenses, fund reserve funds, pay capitalized interest, and pay any other additional costs, plus any increase in the specific project costs authorized pursuant to the act.