Senate Bill 129 Summary

• Modifies G.S. 142-83 to add a cap on special indebtedness authorized under the State Capital Facilities Finance Act.

• Limits special indebtedness authorized after January 1, 2013 to no more than 25% of the State's General Fund-supported bond indebtedness authorized after January 1, 2013.

• Requires the General Assembly to determine at the time of enacting debt authorization legislation that the amount does not exceed the 25% limitation, with that determination being conclusive.

• Applies the limitation to the combined total of special indebtedness and general obligation bond indebtedness supported by the General Fund.

• Became effective upon becoming law on June 12, 2013.