NC H1189

Adds new section 116D-32 to establish procedures for timely payment of special obligation bonds issued by the UNC Board of Governors for constituent institutions.

Requires paying agents to notify the Director of the Budget if bond payments are not received 15 days before the due date, and the Director must determine if the institution will make the payment.

Authorizes the Director of the Budget to withhold funds from the institution's appropriations in priority order to pay principal and interest if the institution fails to pay by the due date.

Requires the Board to file notice with the Director of the Budget identifying the bonds, issuing institution, debt service schedule, and paying agent information for bonds covered by this section.

Takes effect July 1, 2012, and applies only to special obligation bonds issued by the Board on or after that date where the Board has expressly elected to have these provisions apply.