NC H35

Prohibits the State from incurring or issuing special indebtedness under the State capital facilities finance act unless authorized by General Assembly legislation describing the specific facility or facility category.

Establishes a cap limiting special indebtedness authorized after January 1, 2013 to no more than 25% of the State's bond indebtedness supported by the General Fund that was also authorized after January 1, 2013.

Requires the General Assembly to determine at the time legislation is enacted that proposed special indebtedness does not exceed the 25% limitation, based on reasonable estimations.

Applies to special indebtedness incurred on or after the effective date of the act.