Bill Summary for H 137 (2011-2012)
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TO ENACT THE TWO-THIRDS BONDS ACT OF 2011.Intro. by Owens.
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Authorizes the State Treasurer, by and with the consent of the Council of State, to issue and sell general obligation bonds of the state or notes of the state, in the aggregate principal amount of $138,498,560, at one time or from time to time in the biennium ending June 30, 2013. The amount is deemed not in excess of two-thirds of the amount that the state’s outstanding indebtedness was reduced by during the biennium ending June 30, 2011. The amount must be reduced if necessary to meet the two-thirds threshold. Provides that the proceeds of the bonds and notes will be used to finance the cost of state capital facilities, as specified. Sets forth procedures for expending and disbursing the proceeds and requires the Office of State Budget and Management (OSBM) to report, semiannually, to the listed entities on the expenditures. Allocates the proceeds as follows: (1) $23,498,560 to complete Phase One of the Highway Patrol Training Facility, Department of Crime Control and Public Safety; (2) $15 million to complete the School of Aviation Complex at Elizabeth City State University; and (3) $100 million to repair and renovate state facilities and related infrastructure, with these funds transferred to the Reserve for Repairs and Renovations.
Defines terms applicable to the Two-Thirds Bonds Act of 2011. Sets forth terms and conditions, form and registration requirements, and manner of sale procedures for issuing bonds and notes. Details repayment and refunding criteria and provides for tax exemption and investment eligibility. Explains additional considerations relevant to the bonds and notes.
Allows the State Treasurer to provide for variable rate demand bonds and notes, as specified. Provides for statutory interpretation and broad construction and includes a severability clause.