May 25, 2022
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2021 PRINCIPAL CLERK
SENATE BILL DRS35378-MQx-144
Short Title: UNC Capital Projects. (Public)
Sponsors: Senators Lee and Ballard (Primary Sponsors).
1 A BILL TO BE ENTITLED
2 AN ACT TO AUTHORIZE THE ACQUISITION OR CONSTRUCTION AND THE
3 FINANCING, WITHOUT APPROPRIATIONS FROM THE GENERAL FUND, OF
4 CERTAIN CAPITAL IMPROVEMENT PROJECTS OF THE CONSTITUENT
5 INSTITUTIONS OF THE UNIVERSITY OF NORTH CAROLINA.
6 The General Assembly of North Carolina enacts:
7 SECTION 1. The purpose of this act is to authorize (i) the acquisition or construction
8 of the capital improvement projects listed in this act for the respective institutions of The
9 University of North Carolina and (ii) the financing of these projects with funds available to the
10 institutions from gifts, grants, receipts, self-liquidating indebtedness, Medicare reimbursements
11 for education costs, hospital receipts from patient care, or other funds, or any combination of
12 these funds, but not including funds received for tuition or appropriated from the General Fund
13 of the State unless previously authorized by General Statute.
14 SECTION 2. The capital improvement projects, and their respective costs,
15 authorized by this act to be acquired or constructed and financed as provided in Section 1 of this
16 act, including by revenue bonds, by special obligation bonds as authorized in Section 4 of this
17 act, or by both, are as follows:
19 Appalachian State University
20 Holmes Convocation Center Parking Deck $20,000,000
22 Elizabeth City State University
23 New Residence Hall $5,000,000
25 North Carolina State University
26 Integrated Sciences (S.T.E.M.) Building $80,000,000
28 SECTION 3. At the request of the Board of Governors of The University of North
29 Carolina and upon determining that it is in the best interest of the State to do so, the Director of
30 the Budget may authorize an increase or decrease in the cost of, or a change in the method of,
31 funding the projects authorized by this act. In determining whether to authorize a change in cost
32 or funding, the Director of the Budget may consult with the Joint Legislative Commission on
33 Governmental Operations.
34 SECTION 4. Pursuant to G.S. 116D-26, the Board of Governors may issue, subject
35 to the approval of the Director of the Budget, at one time or from time to time, special obligation
36 bonds of the Board of Governors for the purpose of paying all or any part of the cost of acquiring,
General Assembly Of North Carolina Session 2021
1 constructing, or providing for the projects authorized by Section 2 of this act. The maximum
2 principal amount of bonds to be issued shall not exceed the specified project costs in Section 2
3 of this act plus five percent (5%) of such amount to pay issuance expenses, fund reserve funds,
4 pay capitalized interest, and pay other related additional costs plus any increase in the specific
5 project costs authorized by the Director of the Budget pursuant to Section 3 of this act.
6 SECTION 5. This act is effective when it becomes law.
Page 2 DRS35378-MQx-144