House Bill 893 Summary

• Authorizes issuance of $4,700,000,000 in general obligation bonds for public facilities, subject to voter approval in a November 2, 2021 statewide election.

• Allocates bond proceeds to public schools ($2,500,000,000), community colleges ($500,000,000), UNC System universities ($783,000,000), Department of Health and Human Services ($155,821,500), Department of Natural and Cultural Resources ($439,000,000), and Department of Administration ($229,000,000), with $48,178,500 reserved for unforeseen costs.

• Requires local matching funds for public schools and community college new construction projects, with match percentages varying by economic development tier (1:3, 1:2, or 1:1 ratios).

• Establishes that bond proceeds are placed in a Public Improvement Bonds Fund managed by the State Treasurer and expended under direction of the Director of the Budget following State Budget Act compliance.

• Bonds mature over 40 years maximum, are backed by the full faith and credit of the State, and are tax-exempt to bondholders except for estate, inheritance, and income taxes on gains.