Bill Summary for H 583 (2017-2018)

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Summary date: 

Apr 6 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
House Bill 583 (Public) Filed Wednesday, April 5, 2017
AN ACT TO CREATE THE STATE CAPITAL AND INFRASTRUCTURE FUND THAT WILL UTILIZE DEBT SERVICE SAVINGS FOR THE PURPOSE OF ADDITIONAL DEBT SERVICE OBLIGATIONS, CAPITAL IMPROVEMENTS, ECONOMIC DEVELOPMENT, AND EARLY DEBT REPAYMENT.
Intro. by Arp, Ross.

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Bill summary

Repeals GS 143C-4-3 (Repairs and Renovations Reserve). 

Enacts new GS 143C-4-3.1 (State Capital and Infrastructure Fund). Establishes within the General Fund a State Capital and Infrastructure Fund (Fund), to consist of one fourth-of any unreserved fund balance remaining in the General Fund at the end of each fiscal year, 4% of each fiscal year's net state tax revenues, money appropriated by the General Assembly for Capital improvements, all interest and investment earnings on the fund, and any other funds as directed by the General Assembly. Provides for the General Assembly to account for the fund in each Current Operations Appropriations Act and the Office of State Controller to ensure the accurate amount of money is transferred to the Fund. Provides that the fund shall be used for six listed purposes, including repair and renovation of existing capital assets. Fund moneys are only available for expenditure upon an act of appropriation by the General Assembly.

Enacts new GS 143C-8-13 (Repairs and Renovations). Provides that funds for repairs and renovations are only available for expenditure upon an act of appropriation by the General Assembly, and may only be used for state facilities and related infrastructure, or for Department of Information Technology facilities and related infrastructure. Requires funds for repairs and renovations not to be used for new construction or expansion, unless required to comply with federal or state codes or standards. Lists thirteen permissible projects. Authorizes the Board of Governors of the University of North Carolina or the Office of State Budget and Management to allocate or reallocate funds allocated to them for repairs and renovations, subject to three listed conditions, including required consultation with the Joint Legislative Commission on Governmental Operations prior to the expenditure of an amount greater than $2.5 million on a single project.

Amends GS 143C-3-5 to require the Governor's Recommended State Budget to include the 4% transfer to the State Capital and Infrastructure Fund in odd-numbered years.

Effective July 1, 2017.