GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

H	2 

HOUSE BILL 1163
Second Edition Engrossed 6/20/91

Short Title:  ASU Capital Project.	(Public)
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Sponsors: Representatives Diamont, Wilmoth, and Judy Hunt.
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Referred to:  Appropriations.
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May 6, 1991

A BILL TO BE ENTITLED
AN ACT TO AUTHORIZE THE CONSTRUCTION AND THE FINANCING OF A CERTAIN CAPITAL IMPROVEMENT PROJECT BY APPALACHIAN STATE.
The General Assembly of North Carolina enacts:
Section 1.  The purpose of this act is to authorize construction, by Appalachian State University, of a capital improvement project described herein, and to authorize the financing of this capital improvement project through the issuance of bonds to be repaid from income from utility sales to appropriated fund activities, and utility sales to other utilities consumers supported by receipts, gifts, grants, or other funds, or any combination of such funds.  Prior to the execution of contracts for the projects authorized herein, the Director of the Budget, provided the Director of the Budget may consult with the Advisory Budget Commission, shall approve the method of funding the project.
Sec. 2.  The project hereby authorized to be constructed and financed as provided in Section 1 of this act is the construction of an economically and environmentally more efficient power plant to service Appalachian State University and supporting systems, as well as other related construction and maintenance to the power plant currently in operation.
Sec. 3.  For the purpose of financing the construction of the project authorized in Section 1 of this act, the Board of Governors of The University of North Carolina (" the Board" ) is authorized to issue, subject to the approval of the Director of the Budget, provided the Director of the Budget may consult with the Advisory Budget Commission, revenue bonds and revenue bond anticipation notes of The University of North Carolina according to the procedures and under the terms mandated by G.S. 116-41.1 through G.S. 116-41.12, except as those terms are modified by this act.
The Board in the resolution authorizing the issuance of bonds under this act may provide for a pledge to the payment of such bonds and the interest thereon of the revenue derived from the project and also for a pledge of the revenues derived from any system, facility, plant, works, instrumentalities, or properties improved, bettered, or extended by The University of North Carolina in connection with Appalachian State University, the revenues derived from any future improvements, betterments, or extensions of the project, the revenues derived from utility sales to all utilities consumers which shall include but not be limited to the revenues derived from utility sales to the auxiliary enterprises, or any part thereof, the revenues derived from any appropriations for utilities by the General Assembly to either The University of North Carolina or Appalachian State University or both or the revenues from the project and any or all of the revenues mentioned in this sentence, without regard to whether the operations involved are deemed governmental or proprietary, it being the purpose hereof to vest in the Board broad powers which shall be liberally construed.  So long as any such revenues mentioned in this paragraph are pledged for the payment of the principal of or interest on any bonds issued hereunder, such revenues shall be deposited in a special fund and shall be applied and used only as provided in the resolution authorizing such bonds, subject, however, to any prior pledge or encumbrance thereof.
Sec. 4.  The Director of the Budget, provided the Director of the Budget may consult with the Advisory Budget Commission, may, when in his opinion it is in the best interest of the State to do so, and upon the request of the Board, authorize a decrease in the scope or a change in the method of funding of any project authorized by this act.
Sec. 5.  This act is effective upon ratification.