§ 116D-8. Authorization of bonds and notes. - North Carolina Statutes

§ 116D‑8.  Authorization of bonds and notes.

Subject to a favorable vote of a majority of the qualified voters ofthe State who vote on the question of issuing university improvement generalobligation bonds in the election held as provided by law, the State Treasurermay, by and with the consent of the Council of State, issue and sell, at onetime or from time to time, university improvement general obligation bonds ofthe State to be designated "State of North Carolina University ImprovementGeneral Obligation Bonds", with any additional designations as may bedetermined to indicate the issuance of bonds from time to time, or notes of theState. Except as otherwise provided by this Article, the aggregate amount ofbonds and notes issued pursuant to this Article shall not exceed two billionfive hundred million dollars ($2,500,000,000). The bonds and notes shall beissued in the following years up to the following amounts:

Fiscal Year                         Aggregate Amount

2000‑2001                            $ 201,600,000

2001‑2002                               241,900,000

2002‑2003                               483,900,000

2003‑2004                               483,900,000

2004‑2005                               564,500,000

2005‑2006                               524,200,000

If less than the aggregate amount of bonds or notes authorized to beissued in a fiscal year is issued in that fiscal year, the balance for thatfiscal year may be issued in any subsequent fiscal year. Refunding bonds andnotes issued pursuant to G.S. 116D‑11(f) shall not be included in thelimitation on the aggregate amount of bonds and notes that may be issuedpursuant to this Article.

The proceeds of bonds or notes issued under this Article shall beapplied to finance the cost of improvement, construction, and acquisition ofcapital facilities for the University or to refund any outstanding bonds ornotes issued under this Article. The capital facilities to be improved, constructed,or acquired with the proceeds of bonds or notes shall be determined as providedin G.S. 116D‑9. (2000‑3, s. 1.2.)