reglab/statecodes huggingface dataset:
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-65 - Public sale of abandoned property.

§ 116B-65. Public sale of abandoned property.
(a) Except as otherwise provided in this section, the Treasurer, within five years after the receipt of abandoned property, shall sell it to the highest bidder at public sale at a location in the State which in the judgment of the Treasurer affords the most favorable market for the property. The Treasurer may decline the highest bid and reoffer the property for sale if the Treasurer considers the bid to be insufficient. The Treasurer need not offer the property for sale if the Treasurer considers that the probable cost of sale will exceed the proceeds of the sale. The Treasurer shall give reasonable notice of the sale as he or she deems appropriate and cost-effective, but, at a minimum, notice shall be published on the Treasurer's website. The Treasurer is not required to sell currency unless it is a collector's species having value greater than the face value of the currency as cash.
(b) Securities listed on an established stock exchange must be sold at prices prevailing on the exchange at the time of sale. Other securities may be sold over the counter at prices prevailing at the time of sale or by any reasonable method selected by the Treasurer. If securities are sold by the Treasurer before the expiration of three years after their delivery to the Treasurer, a person making a claim under this Chapter before the end of the three-year period is entitled to the proceeds of the sale of the securities or the market value of the securities at the time the claim is made, whichever is greater, less any deduction for expenses of sale. A person making a claim under this Chapter after the expiration of the three-year period is entitled to receive the securities delivered to the Treasurer by the holder, if they still remain in the custody of the Treasurer, or the net proceeds received from sale, and is not entitled to receive any appreciation in the value of the property occurring after delivery to the Treasurer, except in a case of intentional misconduct by the Treasurer.
(c) A purchaser of property at a sale conducted by the Treasurer pursuant to this Chapter takes the property free of all claims of the owner or previous holder and of all persons claiming through or under them. The Treasurer shall execute all documents necessary to complete the transfer of ownership. (1979, 2nd Sess., c. 1311, s. 1; 1999-460, s. 6; 2011-230, s. 5; 2021-13, s. 1; 2023-88, s. 5.)
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-66 - Claim of another state to recover property.

§ 116B-66. Claim of another state to recover property.
(a) After property has been paid or delivered to the Treasurer under this Article, another state may recover the property if:
(1) The property was paid or delivered to the custody of this State because the records of the holder did not reflect a last known location of the apparent owner within the borders of the other state, and the other state establishes that the apparent owner or other person entitled to the property was last known to be located within the borders of that state and under the laws of that state the property has escheated or become subject to a claim of abandonment by that state;
(2) The property was paid or delivered to the custody of this State because the laws of the other state did not provide for the escheat or custodial taking of the property, and under the laws of that state subsequently enacted, the property has escheated or become subject to a claim of abandonment by that state;
(3) The records of the holder were erroneous in that they did not accurately identify the owner of the property and the last known location of the owner within the borders of another state, and under the laws of that state the property has escheated or become subject to a claim of abandonment by that state; or
(4) Repealed by Session Laws 2000, c. 140, s. 27.
(5) The property is a sum payable on a traveler's check, money order, or similar instrument that was purchased in the other state and delivered into the custody of this State under G.S. 116B-56(a)(6), and under the laws of the other state, the property has escheated or become subject to a claim of abandonment by that state.
(b) A claim of another state to recover escheated or abandoned property must be presented in a form prescribed by the Treasurer, who shall decide the claim within 90 days after it is presented. The Treasurer shall allow the claim upon determining that the other state is entitled to the abandoned property under subsection (a) of this section.
(c) The Treasurer shall require another state, before recovering property under this section, to agree to indemnify this State and its officers and employees against any liability on a claim to the property. (1999-460, s. 6; 2000-140, s. 27.)
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-68 - Action to establish claim.

§ 116B-68. Action to establish claim.
A person aggrieved by a decision of the Treasurer or whose claim has not been acted upon within 90 days after its filing may maintain an original action to establish the claim in the Superior Court of Wake County, naming the Treasurer as a defendant. (1999-460, s. 6.)
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-69 - Election to take payment or delivery.

§ 116B-69. Election to take payment or delivery.
(a) The Treasurer may decline to receive property reported under this Chapter which the Treasurer considers to have a value less than the expenses of notice and sale.
(b) A holder, with the written consent of the Treasurer and upon conditions and terms prescribed by the Treasurer, may report and deliver property before the property is presumed abandoned. Property so delivered must be held by the Treasurer and is not presumed abandoned until it otherwise would be presumed abandoned under this Article. (1979, 2nd Sess., c. 1311, s. 1; 1981, c. 531, s. 14; 1987, c. 163, ss. 6, 7; 1993, c. 541, s. 7; 1999-460, s. 6.)
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-70 - Destruction or disposition of property having no substantial commercial value; immunity from liability; property of historical significance.

§ 116B-70. Destruction or disposition of property having no substantial commercial value; immunity from liability; property of historical significance.
(a) If the Treasurer determines after investigation that property delivered under this Chapter has no substantial commercial value, the Treasurer may destroy or otherwise dispose of the property at any time. An action or proceeding may not be maintained against the State or any officer, employee, or agent of the State, both past and present, in the person's individual and official capacity, or against the holder for or on account of an act of the Treasurer under this subsection, except for intentional misconduct.
(b) Notwithstanding the provisions of G.S. 116B-65, the Treasurer may retain any tangible property delivered to the Treasurer, if the property has recognized historic significance. The historic significance shall be certified by the Treasurer, with the advice of the Secretary of Natural and Cultural Resources; and a statement of the appraised value of the property shall be filed with the certification. Historic property retained under this subsection may be stored and displayed at any suitable location. (1979, 2nd Sess., c. 1311, s. 1; 1999-460, s. 6; 2015-68, s. 2; 2015-241, s. 14.30(t); 2017-134, s. 1(a).)
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-71 - Periods of limitation.

§ 116B-71. Periods of limitation.
(a) The expiration, before or after the effective date of this Article, of a period of limitation on the owner's right to receive or recover property, whether specified by contract, statute, or court order, does not preclude the property from being presumed abandoned or affect a duty of a holder to file a report or to pay or deliver or transfer property to the Treasurer as required by this Article.
(b) An action or proceeding may not be maintained by the Treasurer to enforce this Article in regard to the reporting, delivery, or payment of property more than five years after the holder filed a report with the Treasurer in which the holder specifically identified property, should have but failed to identify property, or gave express notice to the Treasurer of a dispute regarding property. In the absence of such a report or other express notice, the period of limitation is tolled. The period of limitation is also tolled by the filing of a report that is fraudulent. (1979, 2nd Sess., c. 1311, s. 1; 1993, c. 541, s. 8; 1999-460, s. 6.)
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-73 - Retention of records.

§ 116B-73. Retention of records.
(a) Except as otherwise provided in subsection (b) of this section, a holder required to file a report under G.S. 116B-60 shall maintain the records containing the information required to be included in the report for five years after the holder files the report, unless a shorter period is provided by rule of the Treasurer.
(b) A business association that sells, issues, or provides to others for sale or issue in this State, traveler's checks, money orders, or similar instruments other than third-party bank checks, on which the business association is directly liable, shall maintain a record of the instruments while they remain outstanding, indicating the state and date of issue, for three years after the holder files the report. (1999-460, s. 6; 2012-187, s. 9.)
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-74 - Discretionary precompliance review.

§ 116B-74. Discretionary precompliance review.
A holder may request the Treasurer to conduct a precompliance review of the holder's compliance program to educate the holder's employees on the unclaimed property laws and filing procedures and to recommend ways to facilitate the holder's compliance with the law. Subject to the availability of staff, the Treasurer may conduct a precompliance review upon request. The Treasurer may charge the holder a precompliance review fee of up to five hundred dollars ($500.00) per day for conducting this review. (1999-460, s. 6.)
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-75 - Enforcement.

§ 116B-75. Enforcement.
(a) The Treasurer may maintain an action in this or another state to enforce this Chapter.
(b) The Treasurer may order a person required to report, pay, or deliver property under this Chapter, or an officer or employee of the person, or a person having possession, custody, care, or control of records relevant to the matter under inquiry, or any other person having knowledge of the property or records, to (i) appear before the Treasurer, at a time and place named in the order, (ii) produce the reports and records, (iii) make the required payments, (iv) make the required delivery of property, and (v) give testimony under oath or affirmation relevant to the inquiry. For purposes of this subsection, the Treasurer may administer oaths or affirmations. If a person refuses to obey an order of the Treasurer, the Treasurer may apply to the Superior Court of Wake County for an order requiring the person to obey the order of the Treasurer. Failure to comply with the court order is punishable for contempt. (1999-460, s. 6; 2020-48, s. 3.4.)
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-76 - Interstate agreements and cooperation; joint and reciprocal actions with other states.

§ 116B-76. Interstate agreements and cooperation; joint and reciprocal actions with other states.
(a) The Treasurer may enter into an agreement with another state to exchange information relating to abandoned property or its possible existence. The agreement may permit the other state, or another person acting on behalf of a state, to examine records as authorized in G.S. 116B-72. The Treasurer by rule may require the reporting of information needed to enable compliance with an agreement made under this section and prescribe the form.
(b) The Treasurer may join with another state to seek enforcement of this Chapter against any person who is or may be holding property reportable under this Chapter.
(c) At the request of another state, the Attorney General of this State may maintain an action on behalf of the other state to enforce, in this State, the unclaimed property laws of the other state against a holder of property subject to escheat or a claim of abandonment by the other state, if the other state has agreed to pay expenses incurred by the Attorney General in maintaining the action.
(d) The Treasurer may request that the attorney general of another state or another attorney commence an action in the other state on behalf of the Treasurer. With the approval of the Attorney General of this State, the Treasurer may retain any other attorney to commence an action in this State on behalf of the Treasurer. This State shall pay all expenses, including attorneys' fees, in maintaining an action under this subsection. With the Treasurer's approval, the expenses and attorneys' fees may be paid from money received under this Chapter. The Treasurer may agree to pay expenses and attorneys' fees based in whole or in part on a percentage of the value of any property recovered in the action. Any expenses or attorneys' fees paid under this subsection may not be deducted from the amount that is subject to the claim by the owner under this Chapter.
(e) The Treasurer is authorized to make such expenditures from the funds of the Escheat Fund as may be necessary to effectuate the provisions of this section. (1979, 2nd Sess., c. 1311, s. 1; 1999-460, s. 6.)
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-77 - Interest and penalties; waiver.

§ 116B-77. Interest and penalties; waiver.
(a) A holder who fails to report, pay, or deliver property within the time prescribed by this Chapter shall pay to the Treasurer interest at the rate established pursuant to this subsection on the property or value of the property from the date the property should have been reported, paid, or delivered. On or before June 1 and December 1 of each year, the Treasurer shall establish the interest rate to be in effect during the six-month period beginning on the next succeeding July 1 and January 1, respectively, after giving due consideration to current market conditions. If no new rate is established, the rate in effect during the preceding six-month period shall continue in effect. The rate established by the Treasurer may not be less than five percent (5%) per year and may not exceed sixteen percent (16%) per year.
(b) A holder who willfully fails to report, pay, or deliver property within the time prescribed by this Chapter, or willfully fails to perform other duties imposed by this Chapter, including the duties imposed by G.S. 116B-59, shall pay to the Treasurer, in addition to interest as provided in subsection (a) of this section, a civil penalty of one thousand dollars ($1,000) for each day the report, payment, or delivery is withheld, or the duty is not performed, up to a maximum of twenty-five thousand dollars ($25,000), plus twenty-five percent (25%) of the value of any property that should have been but was not reported.
(c) A holder who makes a fraudulent report shall pay to the Treasurer, in addition to interest as provided in subsection (a) of this section, a civil penalty of one thousand dollars ($1,000) for each day from the date a report under this Chapter was due, up to a maximum of twenty-five thousand dollars ($25,000), plus twenty-five percent (25%) of the value of any property that should have been but was not reported.
(d) The Treasurer for good cause may waive, in whole or in part, interest under subsection (a) of this section and penalties under subsection (b) of this section. (1979, 2nd Sess., c. 1311, s. 1; 1989, c. 114, s. 4; 1999-460, s. 6; 2017-134, s. 2(b).)
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-78.1 - Property finder regulation and enforcement.

§ 116B-78.1. Property finder regulation and enforcement.
(a) A property finder shall be licensed as a private investigator by the North Carolina Private Protective Services Board pursuant to Chapter 74C of the General Statutes.
(b) A property finder shall not initiate a claim with the Treasurer at any time prior to being registered as a property finder under G.S. 116B-78(f) or prior to licensure as a private investigator. Failure to comply with this subsection may result in the denial of the property finder's registration for a period of up to one year.
(c) A property finder shall not initiate a claim with the Treasurer at any time prior to obtaining a valid agreement with an owner or apparent owner. Failure to comply with this section may result in the suspension of the property finder's registration for a period of up to one year.
(d) If a property finder enters into an agreement to locate property that does not comply with G.S. 116B-78, then the Treasurer may suspend the property finder's registration for a period of up to one year.
(e) A property finder with a suspended registration is prohibited from conducting business with the Unclaimed Property Division. Any pending or potential claims shall be denied during any period of suspension. (2021-157, s. 2(f).)
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-79 - Transitional provisions.

§ 116B-79. Transitional provisions.
(a) An initial report filed under this Article for property that was not required to be reported before the effective date of this Article but which is subject to this Article must include all items of property that would have been presumed abandoned during the 10-year period next preceding the effective date of this Article as if this Article had been in effect during that period.
(b) This Article does not relieve a holder of a duty that arose before the effective date of this Article to report, pay, or deliver property. Except as otherwise provided in G.S 116B-71(b) and G.S. 116B-77(d), a holder who did not comply with the law in effect before the effective date of this Article is subject to the applicable provisions for enforcement and penalties which then existed, which are continued in effect for the purpose of this section. (1999-460, s. 6.)
2023 North Carolina General Statutes › Chapter 116B - Escheats and Abandoned Property › Article 4 - North Carolina Unclaimed Property Act. › § 116B-80 - Rules.

§ 116B-80. Rules.
The Treasurer may adopt rules necessary to carry out this Chapter. (1979, 2nd Sess., c. 1311, s. 1; 1987, c. 827, s. 19; 1989, c. 114, s. 5; 1999-460, s. 6.)
2023 North Carolina General Statutes › Chapter 116C - Continuum of Education Programs › Article 1 - Education Cabinet. › § 116C-1 - Education Cabinet created.

§ 116C-1. Education Cabinet created.
(a) The Education Cabinet is created. The Education Cabinet shall be located administratively within, and shall exercise its powers within existing resources of, the Office of the Governor. However, the Education Cabinet shall exercise its statutory powers independently of the Office of the Governor.
(b) The Education Cabinet shall consist of the Governor, who shall serve as chair, the President of The University of North Carolina, the State Superintendent of Public Instruction, the Chairman of the State Board of Education, the President of the North Carolina Community Colleges System, the Secretary of Health and Human Services, and the President of the North Carolina Independent Colleges and Universities. The Education Cabinet may invite other representatives of education to participate in its deliberations as adjunct members.
(c) The Education Cabinet shall be a nonvoting body that:
(1) Works to resolve issues between existing providers of education.
(2) Repealed by Session Laws 2014-120, s. 1(c), effective September 18, 2014.
(3) Develops a strategic design for a continuum of education programs, in accordance with G.S. 116C-3.
(4) Studies other issues referred to it by the Governor or the General Assembly.
(d) The Office of the Governor, in coordination with the staffs of The University of North Carolina, the North Carolina Community College System, and the Department of Public Instruction, shall provide staff to the Education Cabinet. (1993, c. 393, s. 1; 1995, c. 324, s. 15.12(b); 2001-123, s. 1; 2005-276, s. 7.38(a); 2014-120, s. 1(c).)
2023 North Carolina General Statutes › Chapter 116C - Continuum of Education Programs › Article 1 - Education Cabinet. › § 116C-3 - Strategic design for a continuum of education programs.

§ 116C-3. Strategic design for a continuum of education programs.
The Education Cabinet shall develop a strategic design for a continuum of education programs. A continuum of education programs is the complement of programs delivered by the State to learners at all levels.
The new design shall take into account issues raised by the Government Performance Audit Committee of the Legislative Research Commission.
The design process shall:
(1) Include vigorous examination of all programs as if they were being created for the first time.
(2) Compare the existing structures, funding levels, and responsibilities of each system to the new design.
(3) Focus on issues concerning coursework articulation and plan for how to improve coursework articulation among existing providers of education.
The Education Cabinet shall report to the Joint Legislative Education Oversight Committee on the strategic design it develops prior to January 1, 1995. (1993, c. 393, s. 1; 1993 (Reg. Sess., 1994), c. 677, s. 12.1.)
2023 North Carolina General Statutes › Chapter 116C - Continuum of Education Programs › Article 1 - Education Cabinet. › § 116C-4 - First in America Innovative Education Initiatives Act.

§ 116C-4. First in America Innovative Education Initiatives Act.
(a) The General Assembly strongly endorses the Governor's goal of making North Carolina's system of education first in America by 2010. With that as the goal, the Education Cabinet shall set as a priority cooperative efforts between secondary schools and institutions of higher education so as to reduce the high school dropout rate, increase high school and college graduation rates, decrease the need for remediation in institutions of higher education, and raise certificate, associate, and bachelor degree completion rates. The Cabinet shall identify and support efforts that achieve the following purposes:
(1) Support cooperative innovative high school programs developed under Part 9 of Article 16 of Chapter 115C of the General Statutes.
(2) Improve high school completion rates and reduce high school dropout rates.
(3) Close the achievement gap.
(4) Create redesigned middle schools or high schools.
(5) Provide flexible, customized programs of learning for high school students who would benefit from accelerated, higher level coursework or early graduation.
(6) Establish high quality alternative learning programs.
(7) Establish a virtual high school.
(8) Implement other innovative education initiatives designed to advance the State's system of education.
(b) The Education Cabinet shall identify federal, State, and local funds that may be used to support these initiatives. In addition, the Cabinet is strongly encouraged to pursue private funds that could be used to support these initiatives.
(c) Repealed by Session Laws 2019-165, s. 1.3, effective July 26, 2019. (2003-277, s. 1; 2019-165, s. 1.3.)
2023 North Carolina General Statutes › Chapter 116C - Continuum of Education Programs › Article 1 - Education Cabinet. › § 116C-5 - STEM education priorities.

§ 116C-5. STEM education priorities.
(a) The Education Cabinet shall set as a priority an increase in the number of students earning postsecondary credentials in the fields of science, technology, engineering, and mathematics to reduce the gap between needed credentialed workers and available jobs in those fields by 2015.
(b) The Education Cabinet shall encourage cooperative efforts between secondary schools and institutions of higher education to prepare students for postsecondary study in science, technology, engineering, and mathematics, and shall identify and support efforts at institutions of higher education to increase the number of students seeking and successfully completing postsecondary certificates or degrees in those fields. The Education Cabinet shall monitor progress of those efforts.
(c) The Education Cabinet shall determine measurements for assessing the number of available jobs in the fields of science, technology, engineering, and mathematics in the State, and the number of students earning postsecondary credentials in the fields of science, technology, engineering, and mathematics at all institutions of higher education in the State, including community colleges and both public and private colleges and universities.
(d) The Education Cabinet shall identify federal, State, and local funds that may be used to support this priority. In addition, the Education Cabinet is strongly encouraged to pursue private funds that could be used to support this priority.
(e) Repealed by Session Laws 2019-165, s. 1.1, effective July 26, 2019. (2010-41, s. 1; 2019-165, s. 1.1.)
2023 North Carolina General Statutes › Chapter 116C - Continuum of Education Programs › Article 2 - North Carolina Postsecondary Attainment Goal. › § 116C-10 - North Carolina postsecondary attainment goal.

§ 116C-10. North Carolina postsecondary attainment goal.
(a) Findings. – The General Assembly finds it necessary to set a goal for postsecondary attainment for North Carolina residents to ensure that the State remains economically competitive now and into the future.
(b) Postsecondary Attainment Goal. – The State shall make significant efforts to increase access to learning and improve the education of more North Carolinians so that, by the year 2030, 2,000,000 residents between the ages of 25 and 44 will have completed a high-quality credential or postsecondary degree.
(c) Rights Not Created. – The attainment goal established in this section is not to the exclusion of any other goals and does not confer a right or create a claim for any person. (2019-55, s. 1(b).)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 1 - General Provisions. › § 116D-2 - General provisions.

§ 116D-2. General provisions.
(a) Signatures. – Should any officer whose signature or facsimile signature appears on securities issued under this Chapter cease to be that officer before the delivery of the securities, the signature or facsimile signature shall nevertheless have the same validity for all purposes as if the officer had remained in office until delivery of the securities. Securities issued under this Chapter may bear the facsimile signatures of persons, who at the actual time of the execution of the securities were the proper officers to sign any security although at the date of the security those persons may not have been officers.
(b) Tax Exemption. – Securities issued under this Chapter shall at all times be free from taxation by the State or any political subdivision or any of their agencies, excepting estate, inheritance, or gift taxes, income taxes on the gain from the transfer of the securities, and franchise taxes. The interest on the securities is not subject to taxation as income.
(c) Investment Eligibility. – Securities issued under this Chapter are securities in which all of the following may invest, including capital in their control or belonging to them: public officers, agencies, and public bodies of the State and its political subdivisions, insurance companies, trust companies, investment companies, banks, savings banks, savings and loan associations, credit unions, pension or retirement funds, other financial institutions engaged in business in the State, executors, administrators, trustees, and other fiduciaries. Securities issued under this Chapter are securities which may properly and legally be deposited with and received by any officer or agency of the State or a political subdivision of the State for any purpose for which the deposit of bonds or notes of the State or any political subdivision is now or may later be authorized by law.
(d) Inconsistent Laws. – All general, special, or local laws that are inconsistent with this Chapter do not apply to this Chapter. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 1 - General Provisions. › § 116D-3 - Reports.

§ 116D-3. Reports.
(a) Board of Governors. – The Board of Governors shall report to the Joint Legislative Commission on Governmental Operations by September 15 of each year, and more frequently as the Commission requests, on the following:
(1) Repealed by Session Laws 2012-142, s. 9.4(c), effective July 1, 2012.
(2) Special Obligation Bonds. – The Board of Governors shall report on special obligation bonds issued under Article 3 of this Chapter, including the amount of debt, itemized for each institution of the University, by bond issue, and by project. The report shall include schedules of debt service requirements and actual payments, as well as evidence of compliance with additional financial covenants required by bond documents. The report shall identify the trends and current revenue streams of the sources of obligated resources pledged for each bond issue.
(b) Treasurer. – Upon issuance of university improvement general obligation bonds under Article 2 of this Chapter or community college general obligation bonds under Article 4 of this Chapter, the Treasurer shall forward a schedule of required payments of principal and interest over the life of the bonds to the Director of the Budget, with copies to the Joint Legislative Commission on Governmental Operations and the Fiscal Research Division.
(c) Repealed by Session Laws 2012-142, s. 8.3(b), effective July 1, 2012. (2000-3, s. 1.2; 2012-142, ss. 8.3(b), 9.4(c); 2021-60, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 1 - General Provisions. › § 116D-4 - Minority and historically underutilized business participation.

§ 116D-4. Minority and historically underutilized business participation.
(a) Minority Business Participation. – The goals set by G.S. 143-128 for participation in projects by minority businesses apply to projects funded by the proceeds of bonds or notes issued under this section. The following State agencies shall monitor compliance with this requirement and shall report to the Joint Legislative Oversight Committee on General Government by January 1 of each year on the participation by minority businesses in these projects. The State Construction Office, Department of Administration, shall monitor compliance with regard to projects funded by the proceeds of university improvement general obligation bonds and notes and special obligation bonds and notes; the Board of Governors of The University of North Carolina shall provide the State Construction Office any information required by the State Construction Office to monitor compliance. The Community Colleges System Office shall monitor compliance with regard to projects funded by the proceeds of community college general obligation bonds and notes.
(b) [Participation in Providing Professional Services.] – The Department of State Treasurer shall provide contracting opportunities for historically underutilized businesses in providing professional services in connection with the issuance of bonds and notes authorized by this section. As used in this subsection, the term "historically underutilized business" means a business described in G.S. 143-48. The Department of State Treasurer shall strive to increase the amount of legal, financial, and other professional services acquired by it from historically underutilized businesses. With the assistance of the Office for Historically Underutilized Businesses in the Department of Administration, the Department of State Treasurer shall set objectives for contracting with these businesses, identify and eliminate barriers or constraints that may restrict these businesses from contracting with the Department, and develop a plan for meeting its objectives. The Department of State Treasurer shall report quarterly to the Office for Historically Underutilized Businesses on its progress in carrying out the requirements of this subsection. (2000-3, s. 7(a), (b); 2001-487, s. 26; 2021-180, s. 37.1(a).)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 2 - General Obligation Bonds for Financing Capital Facilities for The University of North Carolina. › § 116D-7 - Definitions.

§ 116D-7. Definitions.
The following definitions apply in this Article:
(1) Bonds. – Bonds authorized to be issued under this Article, including refunding bonds.
(2) Notes. – Notes issued under this Article.
(3) University improvement general obligation bonds. – Bonds authorized to be issued under this Article, including refunding bonds. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 2 - General Obligation Bonds for Financing Capital Facilities for The University of North Carolina. › § 116D-8 - Authorization of bonds and notes.

§ 116D-8. Authorization of bonds and notes.
Subject to a favorable vote of a majority of the qualified voters of the State who vote on the question of issuing university improvement general obligation bonds in the election held as provided by law, the State Treasurer may, by and with the consent of the Council of State, issue and sell, at one time or from time to time, university improvement general obligation bonds of the State to be designated "State of North Carolina University Improvement General Obligation Bonds", with any additional designations as may be determined to indicate the issuance of bonds from time to time, or notes of the State. Except as otherwise provided by this Article, the aggregate amount of bonds and notes issued pursuant to this Article shall not exceed two billion five hundred million dollars ($2,500,000,000). The bonds and notes shall be issued in the following years up to the following amounts:
Fiscal Year Aggregate Amount
2000-2001 $ 201,600,000
2001-2002 241,900,000
2002-2003 483,900,000
2003-2004 483,900,000
2004-2005 564,500,000
2005-2006 524,200,000
If less than the aggregate amount of bonds or notes authorized to be issued in a fiscal year is issued in that fiscal year, the balance for that fiscal year may be issued in any subsequent fiscal year. Refunding bonds and notes issued pursuant to G.S. 116D-11(f) shall not be included in the limitation on the aggregate amount of bonds and notes that may be issued pursuant to this Article.
The proceeds of bonds or notes issued under this Article shall be applied to finance the cost of improvement, construction, and acquisition of capital facilities for the University or to refund any outstanding bonds or notes issued under this Article. The capital facilities to be improved, constructed, or acquired with the proceeds of bonds or notes shall be determined as provided in G.S. 116D-9. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 2 - General Obligation Bonds for Financing Capital Facilities for The University of North Carolina. › § 116D-9 - Designation of capital facilities and preconditions to bond issuance.

§ 116D-9. Designation of capital facilities and preconditions to bond issuance.
The capital facilities to be financed in whole or in part with the proceeds of university improvement general obligation bonds shall be set forth in legislation enacted from time to time by the General Assembly. This legislation shall also provide for voter approval of the bonds to finance the capital facilities and shall become effective only upon approval by the voters. The proceeds of university improvement general obligation bonds shall not be expended to pay the costs of any capital facilities other than those set forth in that legislation. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 2 - General Obligation Bonds for Financing Capital Facilities for The University of North Carolina. › § 116D-10 - Faith and credit.

§ 116D-10. Faith and credit.
The faith and credit and taxing power of the State are hereby pledged for the payment of the principal of and the interest on bonds and notes. The State retains the right to amend any provision of this Article to the extent it does not impair any contractual right of a bond owner. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 2 - General Obligation Bonds for Financing Capital Facilities for The University of North Carolina. › § 116D-12 - Variable rate demand bonds and notes.

§ 116D-12. Variable rate demand bonds and notes.
(a) In fixing the details of bonds and notes, the State Treasurer may provide that the bonds and notes may:
(1) Be made payable from time to time on demand or tender for purchase by the owner, if a credit facility supports the bonds or notes, unless the State Treasurer specifically determines that a credit facility is not required upon a finding and determination by the State Treasurer that the absence of a credit facility will not materially and adversely affect the financial position of the State and the marketing of the bonds or notes at a reasonable interest cost to the State.
(2) Be additionally supported by a credit facility.
(3) Be made subject to redemption or a mandatory tender for purchase prior to maturity.
(4) Bear interest at rates that may vary from any periods of time, as may be provided in the proceedings providing for the issuance of the bonds or notes, including, without limitation, any variations as may be permitted pursuant to a par formula.
(5) Be made the subject of a remarketing agreement whereby an attempt is made to remarket bonds or notes to new purchasers prior to their presentment for payment to the provider of the credit facility or to the State.
(b) If the aggregate principal amount payable by the State under a credit facility is in excess of the aggregate principal amount of bonds or notes secured by the credit facility, whether as a result of the inclusion in the credit facility of a provision for the payment of interest for a limited period of time or the payment of a redemption premium, or for any other reason, then the amount of authorized but unissued bonds or notes during the term of the credit facility shall not be less than the amount of the excess, unless the payment of the excess is otherwise provided for by agreement of the State executed by the State Treasurer. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 2 - General Obligation Bonds for Financing Capital Facilities for The University of North Carolina. › § 116D-13 - Other agreements.

§ 116D-13. Other agreements.
The State Treasurer may authorize, execute, obtain, or otherwise provide for bond insurance, investment contracts, credit and liquidity facilities, interest rate swap agreements and other derivative products, and any other related instruments and matters the State Treasurer determines are desirable in connection with the issuance of bonds or notes. The State Treasurer is authorized to employ and designate any financial consultants, underwriters, and bond attorneys to be associated with any bond issue under this Article as the State Treasurer considers necessary. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 3 - Special Obligation Bonds for Improvements to the Facilities of The University of North Carolina. › § 116D-21 - Purpose.

§ 116D-21. Purpose.
The purpose of this Article is to authorize the Board of Governors of The University of North Carolina to issue special obligation bonds, payable from obligated resources, but with no pledge of taxes or the faith and credit of the State or any agency or political subdivision of the State, to pay the cost, in whole or in part, of improvements to the facilities of the University. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 3 - Special Obligation Bonds for Improvements to the Facilities of The University of North Carolina. › § 116D-23 - Credit and taxing power of State not pledged; statement on face of bonds.

§ 116D-23. Credit and taxing power of State not pledged; statement on face of bonds.
Special obligation bonds issued under this Article shall not constitute a debt or liability of the State or any political subdivision of the State or a pledge of the faith and credit of the State or of any political subdivision of the State. Special obligation bonds shall be secured solely by the obligated resources pledged to their payment. All of the special obligation bonds shall contain on their face a statement to the effect that neither the State nor the Board of Governors is obligated to pay the bonds or the interest on the bonds except from the obligated resources pledged for payment and that neither the faith and credit nor the taxing power of the State or of any political subdivision or instrumentality of the State is pledged to the payment of the principal of or the interest on the bonds. The issuance of special obligation bonds under this Article does not directly or indirectly or contingently obligate the State or any political subdivision of the State to levy or to pledge any taxes for the bonds. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 3 - Special Obligation Bonds for Improvements to the Facilities of The University of North Carolina. › § 116D-24 - General powers of Board of Governors.

§ 116D-24. General powers of Board of Governors.
The Board of Governors is authorized, subject to the requirements of this Article, to do all of the following:
(1) Determine the location and character of any special obligation bond project, to acquire, construct, and provide the project, and to maintain, repair, and operate and enter into contracts for the management, lease, use, or operation of all or any portion of any special obligation bond project and any existing facilities.
(2) Issue special obligation bonds to pay all or any part of the cost of a special obligation bond project, and to fund or refund any bonds previously issued by the Board of Governors to finance facilities designated as a special obligation bond project.
(3) Fix and revise from time to time and charge and collect fees, rates, rents, charges, and other income for the use of and for the services furnished by the institution that are designated as obligated resources in connection with a special obligation bond issue.
(4) Establish and enforce, and to agree through any resolution or trust agreement authorizing or securing bonds under this Article to make and enforce, rules for the use of and services rendered by the institution of the income or receipts to be obtained from the use or services designated as obligated resources in connection with a special obligation bond issue.
(5) Acquire, hold, lease, and dispose of real and personal property in the exercise of its powers and the performance of its duties and to lease all or any part of a special obligation bond project and any existing facilities for any periods of years, not exceeding 40 years, upon any terms and conditions as the Board of Governors determines, subject to the provisions of G.S. 143-341.
(6) Employ consulting engineers, attorneys, accountants, construction and financial experts, superintendents, managers, and any other employees and agents as may be necessary in its judgment in connection with a special obligation bond project and existing facilities, and to fix their compensation.
(7) Enter into all contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under this Article.
(8) Receive and accept from any federal, State, or other public agency and any private agency, person, or other entity donations, loans, grants, aid, or contributions of any money, property, labor, or other things of value for a special obligation bond project or any other services provided by the institution that is designated as the obligated resource in connection with a special obligation bond issue, and to agree to apply and use them in accordance with the terms and conditions under which they are provided.
(9) Do all acts and things necessary or convenient to carry out the powers granted by this Article. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 3 - Special Obligation Bonds for Improvements to the Facilities of The University of North Carolina. › § 116D-25 - Consultation with the Joint Legislative Commission on Governmental Operations.

§ 116D-25. Consultation with the Joint Legislative Commission on Governmental Operations.
Whenever this Article requires the approval of the Director of the Budget of an action, the Director of the Budget may consult with the Joint Legislative Commission on Governmental Operations before giving approval. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 3 - Special Obligation Bonds for Improvements to the Facilities of The University of North Carolina. › § 116D-29 - Vesting powers in committee.

§ 116D-29. Vesting powers in committee.
The Board of Governors may authorize its budget and finance committee to sell any special obligation bonds which the Board has, with the approval of the Director of the Budget, authorized to be issued under this Article in any manner and under any limitations or conditions as the Board prescribes and to perform other functions under this Article the Board determines. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 3 - Special Obligation Bonds for Improvements to the Facilities of The University of North Carolina. › § 116D-30 - Refunding bonds.

§ 116D-30. Refunding bonds.
The Board of Governors may, subject to the approval of the Director of the Budget, issue from time to time refunding bonds for the purpose of refunding any bonds by the Board under this Article or under any Article of Chapter 116 of the General Statutes, including the payment of any redemption premium on them and any interest accrued or to accrue to the date of redemption of the bonds refunded. The Board of Governors is further authorized, subject to the approval of the Director of the Budget, to issue from time to time refunding bonds for the combined purpose of (i) refunding any bonds issued by the Board under this Article or under any Article of Chapter 116 of the General Statutes, including the payment of any redemption premium on them and any interest accrued or to accrue to the date of redemption of the bonds, and (ii) paying all or any part of the cost of acquiring or constructing any additional special obligation bond projects.
This Article, as applicable, governs the issuance of refunding bonds, their maturities and other details, the rights and remedies of their holders, and the rights, powers, privileges, duties, and obligations of the Board of Governors with respect to them. (2000-3, s. 1.2.)