§ 142-101. Debt Affordability Advisory Committee. - North Carolina Statutes

§ 142‑101.  DebtAffordability Advisory Committee.

(a)        Membership. – TheDebt Affordability Advisory Committee is created in the Department of StateTreasurer. The Committee shall consist of five ex officio members or theirdesignees and four appointed members, as follows:

(1)        The State Treasurer.

(2)        The Secretary ofRevenue.

(3)        The State BudgetOfficer.

(4)        The State Auditor.

(5)        The StateController.

(6)        Two members of thepublic appointed by the President Pro Tempore of the Senate.

(7)        Two members of thepublic appointed by the Speaker of the House of Representatives.

(b)        Officers and Staff.– The State Treasurer shall serve as the chair of the Committee. The Committeeshall meet at the call of the chair. The Department of State Treasurer shallprovide space for the Committee to meet. The Department shall also provide theCommittee with necessary staff and supplies to enable it to carry out itsduties in an effective manner.

(c)        Compensation. – Membersof the Committee shall serve without pay but shall receive per diem andallowances provided by G.S. 138‑5 and G.S. 138‑6.

(d)        Duties. – The DebtAffordability Advisory Committee shall annually advise the Governor and theGeneral Assembly on the estimated debt capacity of the State for the upcoming10 fiscal years. The Committee shall oversee the undertaking of an annual debtaffordability study and the establishment of guidelines for evaluating theState's debt burden. The guidelines should include target and ceiling ratios ofnet tax‑supported debt to personal income and debt service to revenues,target and floor percentages for the 10‑year payout ratio, and target andfloor percentages for the unreserved General Fund balance. The Committee'srecommendations shall include recommendations on debt capacities for debtsupported by the General Fund, the Highway Fund, and the Highway Trust Fund.The Committee shall also recommend any other debt management policies itconsiders desirable and consistent with sound management of the State's debt.

(e)        Reports. – The Committeeshall report its findings and recommendations to the Governor, the PresidentPro Tempore of the Senate, the Speaker of the House of Representatives, and theFiscal Research Division by February 1 of each year. (2004‑179, s. 5.1; 2007‑551,s. 1.)