State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_116D > GS_116D-3

§ 116D‑3.  Reports.

(a)        Board of Governors. – The Board of Governors shall report tothe Joint Legislative Commission on Governmental Operations by September 15 ofeach year, and more frequently as the Commission requests, on the following:

(1)        University Improvement General Obligation Bonds. – The Boardof Governors shall report on projects funded by university improvement generalobligation bonds under Article 2 of this Chapter, including the total projectcosts, the amount to be funded from the bonds, the expenditures to date fromthe bonds and other sources, and the percentage of each project completed. Eachannual report shall include estimated operating costs for each project begun inthe preceding fiscal year, including proposed sources of funds and anticipateddates for occupancy. Operating costs shall be projected for a period of atleast 20 years from the date of anticipated project completion.

(2)        Special Obligation Bonds. – The Board of Governors shallreport on special obligation bonds issued under Article 3 of this Chapter,including the amount of debt, itemized for each institution of the University,by bond issue, and by project. The report shall include schedules of debtservice requirements and actual payments, as well as evidence of compliancewith additional financial covenants required by bond documents. The reportshall identify the trends and current revenue streams of the sources ofobligated resources pledged for each bond issue.

(b)        Treasurer. – Upon issuance of university improvement generalobligation bonds under Article 2 of this Chapter or community college generalobligation bonds under Article 4 of this Chapter, the Treasurer shall forward aschedule of required payments of principal and interest over the life of thebonds to the Director of the Budget, with copies to the Joint LegislativeCommission on Governmental Operations and the Fiscal Research Division. TheTreasurer shall report to the Joint Legislative Commission on GovernmentalOperations by September 15 of each year, and more frequently as the Commissionrequests, on the university improvement general obligation bonds issued underArticle 2 of this Chapter and community college general obligation bonds issuedunder Article 4 of this Chapter, including the annual debt service requirementsover the remainder of the life of the bonds.

(c)        Community Colleges. – The Community Colleges System Officeshall report quarterly to the Joint Legislative Education Oversight Committeeon the projects funded from community college general obligation bonds. Eachreport shall include the total project costs, the amount to be funded from thebonds, the expenditures to date from the bonds and other sources, and thepercentage of each project completed. (2000‑3, s. 1.2.)