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NC S471
Bill
AI Summary
- Adds Article 1A to Chapter 142 of North Carolina General Statutes establishing requirements for state entity financing arrangements
- Requires General Assembly legislative approval before any state entity can enter into a state-supported financing arrangement for capital assets valued at $5,000,000 or more
- Defines "state-supported financing arrangement" as installment financing, lease-purchase arrangements, or similar debt-like arrangements payable from general revenues, excluding revenue bonds secured by specified nontax sources
- Excludes true operating leases and standard construction/purchase contract payment provisions from the definition of financing arrangements
- Takes effect upon enactment and applies to financing arrangements entered into on or after the effective date
Legislative Description
Debt Issuance Accountability Act: GA Approval
Last Action
Ref to Finance. If fav, re-ref to Appropriations/Base Budget
3/28/2013
Committee Referrals
Appropriations/Base Budget3/28/2013
Full Bill Text
No bill text available