2005 North Carolina Code - General Statutes § 142-83. Authorization of special indebtedness; General Assembly approval.

§ 142‑83.  Authorization of special indebtedness; General Assembly approval.

The State may incur or issue special indebtedness subject to the terms and conditions provided in this Article for the purpose of financing the cost of capital facilities that meet one of the following conditions:

(1)       The General Assembly has enacted legislation describing the capital facility and authorizing its financing by the incurrence or issuance of special indebtedness up to a specific maximum amount.

(2)       The General Assembly has enacted legislation authorizing the incurrence or issuance of special indebtedness up to a specific maximum amount for a specific category of capital facilities and the capital facility meets all of the conditions set in that legislation. (2003‑284, s. 46.2; 2003‑314, s. 1; 2004-203, s. 79.)