NC H592

Enacts the Debt Issuance Accountability Act as a new Article 1A in Chapter 142 of the General Statutes to regulate state financing arrangements.

Defines "financing arrangements" as installment financing, lease-purchase agreements, or similar arrangements with terms longer than one year for state entities to acquire capital assets, excluding true operating leases and standard construction payment schedules.

Prohibits state entities from entering into state-supported financing arrangements for capital assets valued at $5,000,000 or more without express General Assembly legislative approval of both the acquisition and the financing method.

Exempts financing arrangements funded solely from non-tax sources such as loan payments from non-state entities, revenues from revenue-producing enterprises, and pledged loan assets from the approval requirement.

Effective upon enactment and applies to all financing arrangements entered into after the law takes effect.