North Carolina § 116D-1 - Definitions.

§ 116D-1. Definitions.

The following definitions apply in this Chapter: Board of Governors. - The Board of Governors of the University. Capital facility. - Any one or more of the following for the University or for a community college: One or more buildings, utilities, structures, or other facilities or property developments, including streets and landscaping, and the acquisition of equipment and furnishings in connection therewith. Additions, extensions, enlargements, renovations, and improvements to existing buildings, utilities, structures, or other facilities or property developments, including streets and landscaping. Land or an interest in land. Other infrastructure. Cost. - Any of the following in financing the cost of capital facilities and special obligation bond projects, as authorized by this Chapter: The cost of constructing, reconstructing, renovating, repairing, enlarging, acquiring, and improving capital facilities and special obligation bond projects, including the acquisition of land, rights-of-way, easements, franchises, equipment, furnishings, and other interests in real or personal property acquired or used in connection with a capital facility or special obligation bond project. The cost of engineering, architectural, and other consulting services as may be required. The cost of providing personnel to ensure effective project management. Finance charges, reserves for debt service, and interest prior to and during construction. Administrative expenses and charges incurred by the State in connection with the administration of a bond program created under this Chapter. The cost of bond insurance, investment contracts, credit enhancement, and liquidity facilities, interest-rate swap agreements or other derivative products, financial and legal consultants, and related costs of bond and note issuance. The cost of reimbursing the State for any payments made for any cost described in this subdivision. Any other costs and expenses necessary or incidental to the purposes of this Chapter. Credit facility. - An agreement entered into by the State Treasurer on behalf of the State with a bank, savings and loan association or other banking institution, an insurance company, reinsurance company, surety company or other insurance institution, a corporation, investment banking firm or other investment institution, or any financial institution or other similar provider of a credit facility, which provider may be located within or without the United States, and providing for prompt payment of all or any part of the principal or purchase price (whether at maturity, presentment or tender for purchase, redemption or acceleration), redemption premium, if any, and interest on any bonds or notes payable on demand or tender by the owner, in consideration of the State's agreeing to repay the provider of the credit facility in accordance with the terms and provisions of the agreement. Fiscal period. - A fiscal biennium or a fiscal year of the fiscal biennium. Fiscal year. - The fiscal year of the State beginning on July 1 of one calendar year and ending on June 30 of the next calendar year. Par formula. - A provision or formula adopted by the State to provide for the adjustment, from time to time, of the interest rate or rates borne or provided for by any bonds or notes, including: A provision providing for an adjustment so that the purchase price of bonds or notes in the open market would be as close to par as possible. A provision providing for an adjustment based upon a percentage or percentages of a prime rate or base rate, which percentages may vary or be applied for different periods of time. A provision that the State Treasurer determines is consistent with this Chapter and will not materially and adversely affect the financial position of the State and the marketing of bonds or notes at a reasonable interest cost to the State. Securities issued under this Chapter. - Any of the following: University improvement general obligation bonds, refunding bonds, notes, and refunding notes issued under Article 2 of this Chapter. Special obligation bonds, bond anticipation notes, and refunding bonds issued under Article 3 of this Chapter. Community college general obligation bonds, refunding bonds, notes, and refunding notes issued under Article 4 of this Chapter. State. - The State of North Carolina. State Treasurer. - The incumbent Treasurer, from time to time, of the State. University. - The University of North Carolina and its constituent and affiliated institutions, including, without limitation, the University of North Carolina Center for Public Media, the University of North Carolina Health Care System, the North Carolina School of Science and Mathematics, and the North Carolina Arboretum. The term includes, without limitation, classroom buildings, laboratory buildings, research facilities, libraries, physical education facilities, continuing education centers, student cafeterias, and activity facilities, including sports facilities, student and faculty housing facilities, and administrative office facilities. History (2000-3, s. 1.2; 2019-139, s. 2.1(c).) Editor's Note. - Session Laws 2000-3, s. 2, as amended by Session Laws 2001-424, s. 31.9, Session Laws 2002-126, s. 9.3, Session Laws 2003-284, s. 9.3, Session Laws 2004-124, s. 9.4, Session Laws 2006-146, ss. 3.1-3.3, Session Laws 2007-394, ss. 8 and 9, and by Session Laws 2008-204, s. 2, makes provisions for the proceeds of the University Improvement General Obligation Bonds, and Session Laws 2000-3, s. 3, makes provisions for proceeds of Community College General Obligation Bonds. See Editor's notes at G.S. 116D-6 and 116D-41. Session Laws 2000-3, s. 5(a) through (c), provides: "Interpretation of Act. "(a) Additional Method. This act provides an additional and alternative method for the doing of the things authorized by this act and shall be regarded as supplemental and additional to powers conferred by other laws. Except where expressly provided, this act shall not be regarded as in derogation of any powers now existing. The authority granted in this act is in addition to other laws now or hereinafter enacted authorizing The University of North Carolina to issue self-liquidating debt or other debt secured by designated sources of funds." "(b) Statutory References. References in this act to specific sections or Chapters of the General Statutes are intended to be references to those sections or Chapters as they may be amended from time to time by the General Assembly. "(c) Liberal Construction. This act, being necessary for the health and welfare of the people of the State, shall be liberally construed to effect its purposes." Session Laws 2000-3, s. 5(d), is a severability clause. Session Laws 2000-3, s. 10, provides that the question of the issuance of the bonds authorized by Articles 2 and 4 of Chapter 116D of the General Statutes, as enacted by the act, and authorized by Sections 2 and 3 of the act, shall be submitted to the qualified voters of the State at the statewide general election to be held in November 2000, which election shall be conducted under the laws governing elections. Ballots, voting systems authorized by Article 14 of Chapter 163 of the General Statutes, or both may be used in accordance with rules prescribed by the State Board of Elections. The bond question to be used in the ballots or voting systems shall be in substantially the following form: [ ] FOR [ ] AGAINST the issuance of State of North Carolina Higher Education Improvement Bonds, constituting general obligation bonds of the State secured by a pledge of the faith and credit and taxing power of the State for the purpose of providing funds, with any other available funds, to pay all or part of the cost of (i) renovating laboratories, classrooms, academic buildings, and worker training facilities and providing other capital improvements at the 59 institutions of the North Carolina Community College System in order to fulfill the mission of educating students and providing worker training essential to the North Carolina economy, and to address expected large increases in student enrollment, and (ii) renovating and replacing classrooms, laboratories, and academic buildings and providing other capital improvements at the 16 campuses of the constituent institutions, the affiliated institutions, and the Center for Public Television (UNC-TV) of the University of North Carolina System in order to meet large expected student enrollment increases, serve North Carolina by providing the education critical to the State's economy, and continue to provide UNC-TV public television to the State's viewers; in the amount of three billion one hundred million dollars ($3,100,000,000). The section further provides that if a majority of those voting on the bond question in the election vote in favor of the issuance of the bonds, the bonds may be issued as provided in this act, and if a majority of those voting on the bond question in the election do not vote for the issuance of the bonds, the bonds shall not be issued. The results of the election shall be canvassed and declared as provided by law for elections for State officers; the results of the election shall be certified by the State Board of Elections to the Secretary of State, in the manner and at the time provided by the general election laws of the State. According to the Revisor of Statutes, the bond was approved on November 7, 2000. Session Laws 2000-3, s. 6, had duplicate text with Session Laws 2000-3, s. 1.1(2), which was codified as G.S. 116-13.1(a)(2) . The reporting requirements were deleted by Session Laws 2012-142, s. 9.4(f). Session Laws 2001-424, s. 1.2, provides: "This act shall be known as the 'Current Operations and Capital Improvements Appropriations Act of 2001.'" Session Laws 2001-424, s. 36.3, provides: "Except for statutory changes or other provisions that clearly indicate an intention to have effects beyond the 2001-2003 fiscal biennium, the textual provisions of this act apply only to funds appropriated for, and activities occurring during, the 2001-2003 fiscal biennium." Session Laws 2001-424, s. 36.5, is a severability clause. Session Laws 2002-126, s. 1.2, provides: "This act shall be known as 'The Current Operations, Capital Improvements, and Finance Act of 2002'." Session Laws 2002-126, s. 31.3, provides: "Except for statutory changes or other provisions that clearly indicate an intention to have effects beyond the 2002-2003 fiscal year, the textual provisions of this act apply only to funds appropriated for, and activities occurring during, the 2002-2003 fiscal year. For example, uncodified provisions of this act relating to the Medicaid program apply only to the 2002-2003 fiscal year." Session Laws 2002-126, s. 31.6, is a severability clause. Session Laws 2003-284, s. 1.2, provides: "This act shall be known as the 'Current Operations and Capital Improvements Appropriations Act of 2003'." Session Laws 2003-284, s. 49.3, provides: "Except for statutory changes or other provisions that clearly indicate an intention to have effects beyond the 2003-2005 fiscal biennium, the textual provisions of this act apply only to funds appropriated for, and activities occurring during, the 2003-2005 fiscal biennium." Session Laws 2003-284, s. 49.5, is a severability clause. Session Laws 2008-204, ss. 1.1 through 1.9, authorizes construction of specified improvement projects at University of North Carolina constituent institutions and the funding therefore. Session Laws 2008-204, s. 1.6, provides: "With respect to the University of North Carolina at Chapel Hill's Research Resource Facility - Phase III capital project, East Carolina University's Athletic Facilities Expansion and Improvements capital project, and North Carolina State University's Avent Ferry Administration Center Renovation capital project, the institution may accomplish construction and financing notwithstanding the requirement in G.S. 116D-22(5) as to location at the institution." Session Laws 2008-204, s. 1.9, provides: "With respect to the University of North Carolina at Chapel Hill's Cogeneration and Steam Infrastructure Improvements and Expansion capital project, the institution may accomplish the construction and financing of the Landfill Gas Utilization portion thereof notwithstanding the requirement in G.S. 116D-22(5) as to location of the special obligation project at the institution. The University of North Carolina at Chapel Hill may enter into any other required agreements as necessary for the completion of the improvements, notwithstanding any other provisions of the General Statutes governing such acquisition, negotiation, and execution of such rights-of-way, easements, leases, or other required agreements therefor." Effect of Amendments. - Session Laws 2019-139, s. 2.1(c), effective July 19, 2019, substituted "Media" for "Television" in subdivision (11).