NORTH CAROLINA GENERAL ASSEMBLY
1963 SESSION
CHAPTER 838
SENATE BILL 15
AN ACT TO AUTHORIZE THE ISSUANCE OF BONDS OF THE STATE TO PROVIDE FOR CAPITAL IMPROVEMENTS FOR STATE INSTITUTIONS AND AGENCIES, SUCH BONDS TO BE ISSUED WITHOUT AN ELECTION DURING THE NEXT SUCCEEDING BIENNIUM IN AN AMOUNT NOT IN EXCESS OF TWO-THIRDS OF THE AMOUNT BY WHICH THE STATE'S OUTSTANDING INDEBTEDNESS SHALL HAVE BEEN REDUCED DURING THE CURRENT BIENNIUM.
The General Assembly of North Carolina do enact:
Section 1. This Act shall be known and may be cited as the "State Capital Improvement Legislative Bond Act of 1963".
Sec. 2. The State Treasurer is hereby authorized, by and with the consent of the Governor and Council of State, to issue and sell, at one time or from time to time in the biennium beginning July 1, 1963, bonds of the State, to be designated "State of North Carolina Capital Improvement Bonds" in an aggregate principal amount not exceeding twenty-one million nine hundred eighty-five thousand dollars ($21,985,000), said amount not being in excess of two-thirds of the amount by which the State's outstanding indebtedness shall have been reduced during the current biennium beginning July 1, 1961, for the purpose of providing needed capital improvements for State institutions and agencies as follows:
I. EDUCATION
University of North Carolina —
Division of Health Affairs $2,500,000
1. Ambulatory Patient Care Facility. $7,500,000*
Less: Federal Funds and
Private Grants 5,000,000*
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University of North Carolina —
Academic Affairs 3,330,000
1. Auditorium Addition to Woolen
Gymnasium 1,230,000
2. Addition to Wilson Hall 1,000,000
3. Cafeteria 1,100,000
_____________
State College of Agriculture and
Engineering 3,440,000
1. Addition to Gardner Hall $1,705,000
Less: Federal Funds 600,000 1,105,000
__________
2. Food Science Building 2,335,000
_____________
Woman's College of the University
of North Carolina 1,480,000
1. Aycock— Music Building Addition 980,000
2. Art Department Addition — Mclver
Building 500,000
_____________
East Carolina College 1,785,000
1. Classroom Building to Replace
Austin Building 970,000
2. Classroom Building (Education
and Psychology) 815,000
_____________
The Agricultural and Technical College 1,585,000
1. Mathematics and Business
Administration Building 700,000
2. Biology Building 885,000
_____________
Western Carolina College 800,000
1. Education and Psychology Building 800,000
_____________
Appalachian State Teachers College $1,750,000
1. Classroom Building $1,175,000
2. Building for Administrative Offices 575,000
_____________
Winston-Salem Teachers College 685,000
1. Science Building 685,000
_____________
Fayetteville State Teachers College 785,000
1. Classroom Building 385,000
2. Library 400,000
_____________
Elizabeth City State Teachers College 388,000
1. Classroom Building 388,000
_____________
North Carolina College at Durham 630,000
1. Cafeteria 630,000
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II. HEALTH AND HOSPITALS
John Umstead Hospital 2,827,000
1. Renovation of Ward Building 1,645,000
2. Improvement of Water Supply 1,182,000
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The proceeds of said bonds are hereby appropriated for the purposes stated above, respectively, which appropriations shall be in addition to all other appropriations heretofore made, or which may be made at the present Session of the General Assembly, and shall be expended and disbursed under the direction and supervision of the Director of the Budget.
Each project must be so planned that its estimated cost will be within such limits that will allow the purchase of all needed equipment and provide drives, walks, grading and connections to all needed utilities so that when completed the facility may be fully utilized without requiring additional State funds.
Sec. 3. The funds appropriated by Section 2 of this Act to provide for Capital Improvements shall be disbursed for the purposes provided in this Act upon warrants drawn by the State Disbursing Officer, which warrants shall not be drawn for any State institution, department or agency until a requisition has been approved by the Director of the Budget and which requisition shall be approved only after full compliance with the Executive Budget Act, Article I of Chapter 143 of the General Statutes. Any officer of the State or executive head of any institution, or any director, trustee or commissioner of any State institution, department or agency to which an appropriation is made under the provisions of this Act who votes for or aids in spending more money for any improvement for his institution, department or agency than is appropriated therefor, may be removed from office by the Governor. Any additional moneys which may be received by means of a grant, or grants, from the United States of America or any agency or department thereof or from any other source to aid in financing the cost of any of the improvements herein referred to may be placed by the State Treasurer in the same fund or in a separate fund and, to the extent permitted by the terms of such grant or grants, shall be disbursed in the same manner and for the purposes mentioned in this Act.
Sec. 4. The Director of the Budget is authorized and empowered to make transfers and changes between appropriations made in this Act, within the appropriations made to each separately named agency or institution, to provide changes to permit completion of the projects as described in the appropriation.
Sec. 5. Subject to any transfers and changes between appropriations as permitted in Section 4 of this Act, the appropriations for Capital Improvements made in this Act shall be expended only for the specific projects set out in this Act, and any unexpended balances of the appropriations made in this Act to each separately named agency or institution shall revert to the General Fund of the State on June 30, 1968 or upon such later date, if any, as the Advisory Budget Commission may determine, or upon completion of the projects of such agency or institution if prior to June 30, 1968 or such later date.
Sec. 6. Bonds authorized by this Act shall bear such date or dates, shall be serial bonds, and shall mature at such times and in such amounts, not exceeding twenty (20) years from their date or respective dates, and shall bear interest at such rate or rates, not exceeding four per cent(4'a) per annum, payable semiannually, as may be fixed by the State Treasurer with the approval of the Governor and Council of State.
Sec. 7. Said bonds shall be signed on behalf of the State of North Carolina by the Governor or shall bear his facsimile signature and shall be signed by the State Treasurer, shall bear the Great Seal of the State or a facsimile thereof shall be impressed or imprinted thereon, and said bonds shall carry interest coupons which shall bear a facsimile of the signature of the State Treasurer. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The form and denomination of the bonds shall be such as the State Treasurer may determine in conformity with this Act, and said bonds shall be subject to registration as is now or may hereafter be provided by law for State bonds, and provision may also be made for the reconversion into coupon bonds of any bonds registered as to both principal and interest.
Sec. 8. Subject to determination by the Governor and Council of State as to the manner in which said bonds shall be offered for sale, whether by publishing notices in certain newspapers and financial journals or by mailing notices or by inviting bids by correspondence or otherwise, the State Treasurer is authorized to sell said bonds at one time or from time to time at the best price obtainable, but in no case for less than par and accrued interest, and when the conditions are equal he shall give the preference of purchase to the citizens of North Carolina. All expenses necessarily incurred in the preparation and sale of the bonds shall be paid from the proceeds of such sale in excess of the appropriations herein authorized or from the Contingency and Emergency Appropriation.
Sec. 9. The proceeds of said bonds and of the bond anticipation notes herein authorized (except the proceeds of bonds the issuance of which has been anticipated by such bond anticipation notes) shall be placed by the State Treasurer in a special fund known as the "Capital Improvement Legislative Bond Fund of 1963" and shall be disbursed only for the purposes provided in this Act.
Sec. 10. By and with the consent of the Governor and Council of State, who shall determine the rate or rates or maximum rate of interest and the date or approximate date of payment, the State Treasurer is hereby authorized to borrow money at the lowest rate of interest obtainable, and to execute and issue notes of the State for the same, but only in the following circumstances and under the following conditions:
(a) For anticipating the sale of any of said bonds to the issuance of which the Governor and Council of State shall have given consent, if the State Treasurer shall deem it advisable to postpone the issuance of such bonds.
(b) For the payment of interest upon or any installment of principal of any of said bonds then outstanding, if there shall not be sufficient funds in the State Treasury with which to pay such interest or installment of principal as they respectively fall due.
(c) For the renewal of any loan evidenced by notes herein authorized.
Sec. 11. Funds derived from the sale of bonds herein authorized shall be used in the payment of any bond anticipation notes that may have been issued in anticipation of the sale of such bonds and any renewals of such notes; and funds provided by the General Assembly for the payment of interest on or principal of bonds herein authorized shall be used in paying the interest on or principal of any notes and any renewals thereof the proceeds of which shall have been used in paying interest on or principal of such bonds. Interest payments upon said notes may be evidenced by interest coupons in the State Treasurer's discretion.
Sec. 12. The full faith, credit and taxing power of the State are hereby pledged for the payment of the principal of and the interest on the bonds and notes herein authorized.
Sec. 13. The coupons appertaining to said bonds and notes after maturity shall be receivable in payment of all taxes, debts, dues, licenses, fines, and demands due the State of any kind whatsoever.
Sec. 14. All of said bonds and notes and coupons shall be exempt from all State, county and municipal taxation or assessment, direct or indirect, general or special, whether imposed for the purpose of general revenue or otherwise, and the interest on said bonds and notes shall not be subject to taxation as for income, nor shall said bonds or notes or coupons be subject to taxation when constituting a part of the surplus of any bank, trust company or other corporation.
Sec. 15. It shall be lawful for all executors, administrators, guardians and fiduciaries generally, and all sinking fund commissions, to invest any moneys in their hands in said bonds and notes.
Sec. 16. The provisions of this Act are severable, and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions.
Sec. 17. All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 18. This Act shall be in full force and effect from and after its ratification.
In the General Assembly read three times and ratified, this the 12th day of June, 1963.