North Carolina § 142-15 - 17. No State-supported financing of certain assets without approval of the General Assembly.

§ 142-15. 17. No State-supported financing of certain assets without approval of the General Assembly.

No State entity shall enter into any State-supported financing arrangement with respect to the acquisition of a capital asset having a value of five million dollars ($5,000,000) or more, unless the General Assembly has enacted legislation expressly approving (i) the acquisition, project, or undertaking to be financed and (ii) the use of the State-supported financing arrangement. The legislation required by this section may be in the form of either an act that refers to the specific asset or project and the manner of financing or an act that identifies a type of asset or project and a maximum amount that may be financed or incurred for that type of asset or project. Examples of references to a specific asset or project include guaranteed energy savings contracts or energy conservation measures of a type described in Article 3B of Chapter 143 of the General Statutes or repairs and renovations of State-owned buildings. History (2016-94, s. 37.8(a); 2016-123, s. 10.1(a).) Editor's Note. - Session Laws 2016-94, s. 37.8(b) made this section, as added by Session Laws 2016-94, s. 37.8(a), effective July 14, 2016, and applicable to financing arrangements entered on or after that date. Effect of Amendments. - Session Laws 2016-123, s. 10(a), effective August 1, 2016, substituted "conservation measures" for "conservations measures" in the last sentence.