2010 North Carolina Code
Chapter 116D Higher Education Bonds.
Article 1 - General Provisions.
116D-5. Higher Education Bond Oversight Committee.

116D‑5. Higher Education Bond Oversight Committee.

(a) Creation and Membership. The Higher Education Bond Oversight Committee is established. The Committee shall be located administratively in the General Assembly. The Committee shall consist of 10 members appointed as provided below. In making appointments, each appointing officer shall select members who have appropriate experience and knowledge of the issues to be examined by the Committee and shall strive to ensure geographical diversity among the membership.

(1) Three members shall be appointed by the Speaker of the House of Representatives.

(2) Three members shall be appointed by the President Pro Tempore of the Senate.

(3) Two members shall be appointed by the Chair of the Board of Governors of The University of North Carolina.

(4) Two members shall be appointed by the Chair of the State Board of Community Colleges.

(b) Terms. Terms on the Committee are for three years and begin on January 15, except the terms of the initial members, which begin on appointment. A member continues to serve until a successor is appointed. A vacancy shall be filled within 30 days by the officer who made the original appointment.

(c) Duties. The Committee shall:

(1) Call for reports and presentations from the following parties and convene for the purpose of hearing from the following parties:

a. The University Facilities Office of each institution of The University of North Carolina.

b. The Facilities Office of the General Administration of The University of North Carolina.

c. The State Construction Office of the Department of Administration.

d. The president of each community college, or the president's designee.

e. The Administrative and Facilities Services Section of the North Carolina Community College System Office.

f. The State Treasurer.

(2) Analyze and prepare recommendations, based on the information received under subdivision (1) of this subsection, concerning the following issues:

a. Whether expenditures of the proceeds from the bonds issued under the Michael K. Hooker Higher Education Facilities Financing Act, S.L. 2000‑3, are in compliance with the provisions of the Michael K. Hooker Higher Education Facilities Financing Act, S.L. 2000‑3.

b. Whether the awarded contracts are consistent with the budget and scope of the approved projects.

c. Whether changes in construction methods could enhance cost savings and promotion of on‑time completion of projects.

d. Whether the bond issuances are adequately timed to reflect cash‑flow requirements of the projects.

(d) Reports. The Committee shall report annually to the Board of Governors of The University of North Carolina, the State Board of Community Colleges, and the Joint Legislative Commission on Governmental Operations.

(e) Organization. The President Pro Tempore of the Senate and the Speaker of the House of Representatives shall each designate a cochair of the Committee. The Committee shall meet at least twice a year upon the joint call of the cochairs. A quorum of the Committee is six members. No action may be taken except by a majority vote at a meeting at which a quorum is present.

(f) Funding. From funds available to the General Assembly, the Legislative Services Commission shall allocate monies to fund the work of the Higher Education Bond Oversight Committee. Members of the Committee receive subsistence and travel expenses as provided in G.S. 120‑3.1 and G.S. 138‑5.

(g) Staff. The Legislative Services Commission, through the Legislative Services Officer, shall assign professional staff to assist the Committee in its work. Upon the direction of the Legislative Services Commission, the Supervisors of Clerks of the Senate and of the House of Representatives shall assign clerical staff to the Committee. The expenses for clerical employees shall be borne by the Committee.

(h) Expiration. The Higher Education Bond Oversight Committee terminates upon completion of all projects funded by bond proceeds issued under the Michael K. Hooker Higher Education Facilities Financing Act, S.L. 2000‑3. (2000‑3, s. 4(a)‑(h); 2008‑84, ss. 1, 2.)