A BILL TO BE ENTITLED AN ACT TO PROHIBIT ISSUANCE OF DEBT UNDER THE STATE CAPITAL FACILITIES FINANCE ACT.
Senate committee substitute to the 1st edition makes the following changes. Deletes proposed amendments to GS 142-84 and instead amends GS 142-83 as follows. Allows the General Assembly to enact legislation to incur or issue special indebtedness only if it determines at the time the legislation is enacted that the amount of special indebtedness does not exceed the specified limitations. Provides that the determination is to be based on reasonable estimations and may be relied on as conclusive. Caps the sum of the special indebtedness authorized by the legislation and all of the special indebtedness authorized by legislation enacted after January 1, 2013, at 25% of the bond indebtedness of the state supported by the General Fund that was authorized pursuant to legislation enacted after January 1, 2013.
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