The capital facilities to be financed in whole or in part with the proceeds of university improvement general obligation bonds shall be set forth in legislation enacted from time to time by the General Assembly. This legislation shall also provide for voter approval of the bonds to finance the capital facilities and shall become effective only upon approval by the voters. The proceeds of university improvement general obligation bonds shall not be expended to pay the costs of any capital facilities other than those set forth in that legislation.
N.C. Gen. Stat. § 116D-9
Designation of capital facilities and preconditions to bond issuance
Known as the University Improvement General Obligation Bonds Finance Act
The act spans §§ 116–116 (8 sections).
2000-3, s. 1.2.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.