State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_116D > GS_116D-43

§ 116D‑43.  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 community college generalobligation bonds in the election held as provided by law, and upon theapplication of the Community Colleges System Office, the State Treasurer may,by and with the consent of the Council of State, issue and sell, at one time orfrom time to time, community college general obligation bonds of the State tobe designated "State of North Carolina Community College GeneralObligation Bonds", with any additional designations as may be determinedto indicate the issuance of bonds from time to time, or notes of the State.Except as otherwise provided by this Article, the aggregate amount of bonds andnotes issued pursuant to this Article shall not exceed six hundred milliondollars ($600,000,000). The bonds and notes shall be issued in the followingyears up to the following amounts:

     Fiscal Year                   Aggregate Amount                    

     2000‑2001                        $48,400,000   

     2001‑2002                         58,100,000                           

     2002‑2003                        116,100,000                          

     2003‑2004                        116,100,000                          

     2004‑2005                        135,500,000                          

     2005‑2006                        125,800,000                          

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‑46(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 grants to be made by the State to communitycolleges to finance the cost of capital facilities for the community college orto refund any outstanding bonds or notes issued under this Article. The capitalfacilities to be improved, constructed, or acquired with the proceeds of bondsor notes shall be determined as provided in G.S. 116D‑44. (2000‑3, s. 1.2.)