§ 116D-9. Designation of capital facilities and preconditions to bond issuance.
103 words·~1 min read·
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§ 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.)