Bill Summary for H 651 (2017-2018)

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Summary date: 

Jun 29 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
House Bill 651 (Public) Filed Thursday, April 6, 2017
Intro. by Dollar, Lambeth, McNeill, Ross.

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Bill summary

House committee substitute makes the following changes to the 1st edition.

Makes technical change to proposed GS 143C-4-8 (Unfunded Liability Solvency Reserve) to instead enact the proposed provisions in new GS 143C-4-9. Makes conforming changes to reflect the change in proposed GS 142-15.4(d) and proposed GS 142-96(d). Adds to the sources of funding to the Unfunded Liability Solvency Reserve (Reserve) to include funds transferred under GS 142-15.4, GS 142-96, and GS 143C-4-2 (respectively: Savings from refinancing of general obligation bonds to be placed in the Savings Reserve Account; Savings from refinancing of special indebtedness to be placed in the Saving Reserve Account; and Savings Reserve Account and appropriation of General Fund unreserved fund balance). Makes conforming changes to remove Section 2(d), which provided for the described addition of funding to the Reserve if HB 7 (LRC/Strengthen Savings Reserve) of the 2017 Regular Session becomes law.

Makes technical change to the introductory language in Sections 2(a), 2(b), and 2(c), reflecting HB 7 of the 2017 Regular Session becoming law.

Changes the effective date to October 1, 2017 (was, July 1, 2017).