State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_116D > GS_116D-22

§ 116D‑22. Definitions.

The following definitions apply in this Article:

(1)        Existing facilities. – Buildings and facilities thenexisting that generate income or receipts to the Board of Governors that arepledged, under the provisions of a resolution authorizing the issuance of thespecial obligation bonds under this Article, to the payment of the bonds.

(2)        Institution. – Each of the institutions enumerated in G.S.116‑2, and any affiliated institutions of the University, including,without limitation, the University of North Carolina Center for PublicTelevision, the University of North Carolina Health Care System, the NorthCarolina School of Science and Mathematics, and the North Carolina Arboretum.

(3)        Obligated resources. – Any sources of income or receipts ofthe Board of Governors or the institution at which a special obligation bondproject is or will be located that are designated by the Board as the securityand source of payment for bonds issued under this Article to finance a specialobligation bond project, including, without limitation, any of the following:

a.         Rents, charges, or fees to be derived by the Board ofGovernors or the institution from any activities conducted at the institution.

b.         Earnings on the investment of the endowment fund of theinstitution at which a special obligation project will be located, to theextent that the use of the earnings will not violate any lawful conditionplaced by the donor upon the part of the endowment fund that generates theinvestment earnings.

c.         Funds to be received under a contract or a grant agreement,including "overhead costs reimbursement" under a grant agreement,entered into by the Board of Governors or the institution to the extent the useof the funds is not restricted by the terms of the contract or grant agreementor the use of the funds as provided in this Article does not violate therestriction.

Obligated resources do not include funds appropriatedto the Board of Governors or the institution from the General Fund by theGeneral Assembly from funds derived from general tax and other revenues of theState, and obligated resources do not include tuition payment by students.

(4)        Special obligation bonds. – Bonds issued under this Articleto finance the cost of a special obligation project, which bonds are secured byand payable from obligated resources designated by the Board of Governors atthe time the issuance of the bonds is authorized in accordance with thisArticle.

(5)        Special obligation bond project. – Any capital facilitieslocated or to be located at an institution for the purpose of carrying out themission of that institution and designated specifically by the Board ofGovernors as a "special obligation bond project" for purposes of thisArticle. A special obligation bond project need not necessarily consist ofbuildings or facilities that are expected to generate "self‑liquidatingrevenues" to the Board of Governors or the institution from directrentals, charges, or fees from the services provided by the building orfacility, and may include facilities such as classroom buildings,administration buildings, research facilities, libraries, and equipment that donot produce direct, or indirect, income to the Board of Governors or theinstitution. (2000‑3, s.1.2.)