A BILL TO BE ENTITLED AN ACT TO DIRECT THE PROGRAM EVALUATION DIVISION TO STUDY THE ABILITY OF STATE AGENCIES OR STATE ENTITIES TO ENTER INTO DEBT OR DEBT-LIKE ARRANGEMENTS OUTSIDE OF THE PURVIEW OF THE GENERAL ASSEMBLY.
Amends GS Chapter 142, creating new GS 142-15.15 (Findings), which elaborates on the many situations in which the state or state agencies enter into financing agreements of many kinds which essentially constitute state-supported financing arrangements, but without the kinds of reviews established for similar financing arrangements. Due to these concerns, the General Assembly seeks to properly review and authorize these transactions.
Enacts new GS 142-15.16 (Definitions), providing the terms and descriptions that are to be used in this section, including financing arrangement, state entity, and state-supported financing arrangement.
Enacts new GS 142-15.17 (No State-supported financing of certain assets without approval of the General Assembly), providing that no state entity will enter into a state-supported financing arrangement regarding the acquisition of a capital asset having a $5 million or more value, unless the General Assembly has expressly approved the acquisition and the state-supported financing arrangement. Approval can be by way of act that refers to the specific or type of asset or the project.
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