Enacts new GS 116D-32 as the title indicates. Applies only to the issuance by the UNC Board of Governors of special obligation bonds for which (1) the Board expressly and irrevocably declares in the bond resolution or authorizing trust agreement that the provisions of proposed GS 116D-32 apply and (2) the debt service for the bonds has been received by the Governor. Requires the Governor to forward necessary funds, with order of priority set for funding sources. Requires an audit of any institution needing the Governor to make payments. Effective for special obligation bonds issued on or after July 1, 2012