NC S479

Establishes legislative intent that the state should not authorize new debt if the annual debt service for net tax-supported debt exceeds 4% of the previous year's General Fund revenue

Requires the Department of State Treasurer to report semiannually to the General Assembly on debt service amounts and compliance with the 4% debt service threshold

Provides that if General Fund revenue decreases and causes debt service to exceed the 4% threshold, it does not impair the state's obligation to pay authorized debt service

Creates Article 1A in Chapter 142 of the General Statutes establishing net tax-supported debt guidelines

Becomes effective upon passage