AN ACT TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR THE PURPOSE OF ACCOMPLISHING CERTAIN INTERRELATED AND UNITED PROJECTS TO FURTHER ECONOMIC DEVELOPMENT IN THE STATE CONSISTENT WITH THE CONNECT NC PLAN.
House amendments make the following changes to the 2nd edition.
Amendment #1 inserts a new provision requiring a community college receiving proceeds of public improvement bonds and notes to provide matching local funds from county funds or other non-state funds equal to the amount of proceeds received.
Amendment #5 requires entities receiving proceeds of public improvement bonds and notes to report not only to the Joint Legislative Capital Oversight Committee, as the 2nd edition requires, but also to the House of Representatives Appropriations Committee and the Senate Committee on Appropriations/Base Budget.
Amendment #5 also amends the special allocation provisions to require items purchased with bond and note proceeds as part of a renovation or rehabilitation to have a useful life of or extend the life of the facility by at least 20 (was, 10) years.