§ 116-36.5. Centennial Campus trust fund; Horace Williams Campus trust fund; Millennial Campuses' trust funds. - North Carolina Statutes

§ 116‑36.5.  CentennialCampus trust fund; Horace Williams Campus trust fund; Millennial Campuses'trust funds.

(a)        All moneys receivedthrough development of the Centennial Campus of North Carolina State Universityat Raleigh, from whatever source, including the net proceeds from the lease orrental of Centennial Campus real property, shall be placed in a special,continuing, and nonreverting trust fund having the sole and exclusive use forfurther development of the Centennial Campus, including its operationaldevelopment. This fund shall be treated in the manner of institutional trustfunds as provided in G.S. 116‑36.1, and, like the institutional trustfunds, is exempt from Chapter 143C, except for Article 8 of Chapter 143C of theGeneral Statutes. This fund shall be deemed an additional and alternativemethod of funding the Centennial Campus and not an exclusive one. For purposesof this section the term "Centennial Campus" is defined by G.S. 116‑198.33(4).To the extent that any general, special, or local law is inconsistent with thissection, it is declared inapplicable to this section.

(b)        All moneys receivedthrough development of the Horace Williams Campus of the University of NorthCarolina at Chapel Hill, from whatever source, including the net proceeds fromthe lease or rental of Horace Williams Campus real property, shall be placed ina special, continuing, and nonreverting trust fund having the sole andexclusive use for further development of the Horace Williams Campus, includingits operational development. This fund shall be treated in the manner ofinstitutional trust funds as provided in G.S. 116‑36.1, and, like theinstitutional trust funds, is exempt from Chapter 143C, except for Article 8 ofChapter 143C of the General Statutes. This fund shall be deemed an additionaland alternative method of funding the Horace Williams Campus and not anexclusive one. For purposes of this section the term "Horace WilliamsCampus" is defined by G.S. 116‑198.33(4a). To the extent that anygeneral, special, or local law is inconsistent with this section, it isdeclared inapplicable to this section.

(c)        All moneys receivedthrough development of a Millennial Campus of a constituent institution of TheUniversity of North Carolina as defined by G.S. 116‑198.33(4b), fromwhatever source, including the net proceeds from the lease or rental of realproperty on a Millennial Campus, shall be placed in a special, continuing, andnonreverting trust fund having the sole and exclusive use for furtherdevelopment of that Millennial Campus, including its operational development.This fund shall be treated in the manner of institutional trust funds asprovided in G.S. 116‑36.1, and, like the institutional trust funds, isexempt from Chapter 143C, except for Article 8 of Chapter 143C of the GeneralStatutes. This fund shall be deemed an additional and alternative method offunding the Millennial Campus and not an exclusive one. To the extent that anygeneral, special, or local law is inconsistent with this section, it is declaredinapplicable to this section.

(d)        The moneysdescribed by this section are appropriated and may be used only as provided bythis section.(1987,c. 790, s. 1; 1998‑159, s. 1; 1999‑234, s. 1; 2000‑177, ss.1, 2; 2006‑203, s. 47.)