North Carolina 2019-2020 Session Status: In Committee Bipartisan · 15 D · 1 I · 1 R cosponsors

HB 1088 — Invest NC Bond Act of 2020.

Last action — Filed

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2019-2020 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

685 added · 689 removed

Plain-language change summary

In the latest version of House Bill 1088, a few lines have been added to expand the definitions related to the costs associated with state capital facilities. Notably, the new text specifies that costs can also include bond insurance and other financial enhancements that might be necessary for managing state projects. This change matters because it clarifies the financial responsibilities involved, ensuring that all potential expenses are accounted for, which could lead to more effective management and budgeting for future projects.

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GENERAL ASSEMBLY OF NORTH CAROLINA H.B.
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2019 H 1 HOUSE BILL 1088 Short Title:
1088 May 14, 2020 SESSION 2019 HOUSE PRINCIPAL CLERK H D HOUSE BILL DRH40560-MCxf-230 Short Title:
Representative Harris.
Representatives Harris, von Haefen, R.
Smith, and K.
Smith (Primary Sponsors).
For a complete list of sponsors, refer to the North Carolina General Assembly web site.
A BILL TO BE ENTITLED AN ACT TO ENACT THE INVEST NC BOND ACT OF 2020.
Appropriations, if favorable, Rules, Calendar, and Operations of the House May 14, 2020 A BILL TO BE ENTITLED AN ACT TO ENACT THE INVEST NC BOND ACT OF 2020.
(4) Community college facilities are necessary to educate and train the workforce of tomorrow.
(4) Communitycollege facilities are necessary to educate and train the workforce of tomorrow.
(8) All facilities are necessary to support the economic vitality of North Carolina.
(8) All facilities are necessary to support the economic vitalityof North Carolina.
SECTION 1.(d) Definitions.
*H1088-v-1* General Assembly Of North Carolina Session 2019 SECTION 1.(d) Definitions.
*DRH40560-MCxf-230* General Assembly Of North Carolina Session 2019 (1) Bonds.
(1) Bonds.
a.
Page 2 House Bill 1088-First Edition General Assembly Of North Carolina Session 2019 a.
Page 2 DRH40560-MCxf-230 General Assembly Of North Carolina Session 2019 b.
b.
College New Construction, Repairs, Renovations 5,208,446 Asheville-Buncombe New Construction, Repairs, Renovations 7,674,446 Technical Comm.
College New Construction, Repairs, Renovations 5,208,446 House Bill 1088-First Edition Page 3 General Assembly Of North Carolina Session 2019 Asheville-Buncombe New Construction, Repairs, Renovations 7,674,446 Technical Comm.
College DRH40560-MCxf-230 Page 3 General Assembly Of North Carolina Session 2019 Beaufort Co.
College 4 Beaufort Co.
College New Construction, Repairs, Renovations 3,506,272 3 Bladen Comm.
College New Construction, Repairs, Renovations 3,506,272 6 Bladen Comm.
College New Construction, Repairs, Renovations 3,274,654 5 Blue Ridge Comm.
College New Construction, Repairs, Renovations 3,274,654 8 Blue Ridge Comm.
College New Construction, Repairs, Renovations 3,102,116 7 Brunswick Comm.
College New Construction, Repairs, Renovations 3,102,116 Brunswick Comm.
College New Construction, Repairs, Renovations 2,835,793 9 Caldwell Comm.
College New Construction, Repairs, Renovations 2,835,793 Caldwell Comm.
College New Construction, Repairs, Renovations 8,272,056 Gaston College New Construction, Repairs, Renovations 5,884,411 Guilford Tech.
College New Construction, Repairs, Renovations 8,272,056 Gaston College New Construction, Repairs, Renovations 5,884,411 Page 4 House Bill 1088-First Edition General Assembly Of North Carolina Session 2019 Guilford Tech.
New Construction, Repairs, Renovations 12,264,749 College Page 4 DRH40560-MCxf-230 General Assembly Of North Carolina Session 2019 Halifax Comm.
New Construction, Repairs, Renovations 12,264,749 College 4 Halifax Comm.
College New Construction, Repairs, Renovations 3,479,856 3 Haywood Comm.
College New Construction, Repairs, Renovations 3,479,856 6 Haywood Comm.
College New Construction, Repairs, Renovations 2,772,246 5 Isothermal Comm.
College New Construction, Repairs, Renovations 2,772,246 8 Isothermal Comm.
College New Construction, Repairs, Renovations 4,176,804 7 James Sprunt Comm.
College New Construction, Repairs, Renovations 4,176,804 James Sprunt Comm.
College New Construction, Repairs, Renovations 3,024,075 Sandhills Comm.
College New Construction, Repairs, Renovations 3,024,075 House Bill 1088-First Edition Page 5 General Assembly Of North Carolina Session 2019 Sandhills Comm.
College New Construction, Repairs, Renovations 4,422,653 South Piedmont Comm.
College New Construction, Repairs, Renovations 4,422,653 3 South Piedmont Comm.
New Construction, Repairs, Renovations 3,648,592 DRH40560-MCxf-230 Page 5 General Assembly Of North Carolina Session 2019 College 3 Southeastern Comm.
New Construction, Repairs, Renovations 3,648,592 College 6 Southeastern Comm.
New Construction, Repairs, Renovations 4,004,465 College 6 Southwestern Comm.
New Construction, Repairs, Renovations 4,004,465 College 9 Southwestern Comm.
New Construction, Repairs, Renovations 4,511,990 College 9 Stanly Comm.
New Construction, Repairs, Renovations 4,511,990 College Stanly Comm.
College New Construction, Repairs, Renovations 4,023,584 Total for NC Community Colleges $500,000,000 The University of North Carolina Appalachian State University Wey Hall Renovations $25,200,000 East Carolina University Howell Science Complex Renovations 38,580,000 Elizabeth City State Library Replacement 28,800,000 University Fayetteville State Rosenthal and Chick Building Renovations 13,700,000 University North Carolina Agricultural Carver Hall Renovations 18,500,000 And Technical State University North Carolina Central Lee Biology Building Renovations 8,100,000 University North Carolina State Daniels Hall Renovations 37,800,000 University Page 6 DRH40560-MCxf-230 General Assembly Of North Carolina Session 2019 UNC-Asheville Justice Center Renovations 26,800,000 3 UNC-Chapel Hill Carrington Hall Renovations 40,500,000 5 UNC-Charlotte Cameron and Brunson Building Renovations 27,000,000 7 UNC-Greensboro Jackson Library Renovation and Addition 75,600,000 9 UNC-Pembroke Givens Performing Arts Center Renovation 28,080,000 UNC-School of the Arts Stevens Center Renovation 37,980,000 UNC-Wilmington Randall Library Renovation and Expansion 56,400,000 Western Carolina University Moore Building Renovation 10,900,000 Winston-Salem State Hauser Building Renovation and Expansion 15,100,000 University NC School of Science and Life Safety Renovations 10,960,000 Mathematics Total for The University of North Carolina $500,000,000 Department of Natural and Cultural Resources Museum of History Renovation $60,000,000 NC Zoo AustrailAsia Complex $40,000,000 (2) Special allocation provisions.
College New Construction, Repairs, Renovations 4,023,584 Total for NC Community Colleges $500,000,000 The University of North Carolina Appalachian State University Wey Hall Renovations $25,200,000 East Carolina University Howell Science Complex Renovations 38,580,000 Elizabeth City State Library Replacement 28,800,000 University Fayetteville State Rosenthal and Chick Building Renovations 13,700,000 University North Carolina Agricultural Carver Hall Renovations 18,500,000 And Technical State University North Carolina Central Lee Biology Building Renovations 8,100,000 University Page 6 House Bill 1088-First Edition General Assembly Of North Carolina Session 2019 North Carolina State Daniels Hall Renovations 37,800,000 University 4 UNC-Asheville Justice Center Renovations 26,800,000 6 UNC-Chapel Hill Carrington Hall Renovations 40,500,000 8 UNC-Charlotte Cameron and Brunson Building Renovations 27,000,000 UNC-Greensboro Jackson Library Renovation and Addition 75,600,000 UNC-Pembroke Givens Performing Arts Center Renovation 28,080,000 UNC-School of the Arts Stevens Center Renovation 37,980,000 UNC-Wilmington Randall Library Renovation and Expansion 56,400,000 Western Carolina University Moore Building Renovation 10,900,000 Winston-Salem State Hauser Building Renovation and Expansion 15,100,000 University NC School of Science and Life Safety Renovations 10,960,000 Mathematics Total for The University of North Carolina $500,000,000 Department of Natural and Cultural Resources Museum of History Renovation $60,000,000 NC Zoo AustrailAsia Complex $40,000,000 (2) Special allocation provisions.
Two hundred fifty million ($250,000,000) of such proceeds shall be allocated among local school administrative units located in counties whose wealth is less than the State average wealth.Theallocationshall haveanumeratorofthe2018-2019 low wealth allotment specific to that local school administrative unit with a denominator of the total 2018-2019 low wealth allotment, and then multiplied by the total allocation in this sub-sub-subdivision.
Two hundred fifty million ($250,000,000) of such proceeds shall be allocated among local school administrative units located in counties whose wealth is less than the State average wealth.Theallocationshall haveanumeratorofthe2018-2019 low wealth allotment specific to that local school House Bill 1088-First Edition Page 7 General Assembly Of North Carolina Session 2019 administrative unit with a denominator of the total 2018-2019 low wealth allotment, and then multiplied by the total allocation in this sub-sub-subdivision.
DRH40560-MCxf-230 Page 7 General Assembly Of North Carolina Session 2019 3.
3.
Bond proceeds shall be distributed for expenditure only as, and to the extent, the matching requirementof this section is satisfied,as certified by the State Board of Education.
Bond proceeds shall be distributed for expenditure only as, and to the extent, the matching requirementof this sectionis satisfied,as certified by the State Board of Education.
If the State Board of Education determines that a county has not met the matching requirement set forth in this sub-subdivision by January 1, 2026, the State Board of Education shall certify that fact to the Page 8 DRH40560-MCxf-230 General Assembly Of North Carolina Session 2019 State Treasurer by March 1, 2026.
If the State Board of Page 8 House Bill 1088-First Edition General Assembly Of North Carolina Session 2019 Education determines that a county has not met the matching requirement set forth in this sub-subdivision by January 1, 2026, the State Board of Education shall certify that fact to the State Treasurer by March 1, 2026.
Requests used to substantially increase a water and/or sewerinfrastructuresystem's financial system viability, as determined by the Department of Environmental Quality in coordination with the Local Government Commission and State Water Infrastructure Authority.
Requests used to substantially increase a water and/or sewerinfrastructuresystem's financialsystem viability, as determined by the Department of Environmental Quality in coordination with the Local Government Commission and State Water Infrastructure Authority.
159G-36 the Department of Environmental Quality may set limits on loans and grants allocatedtolocal governmentstoanamountnecessarytofulfill the priorities outlined in sub-sub-sub-subdivisions I.
159G-36 the Department of Environmental Quality may set limits on loans and grants allocatedtolocal governmentstoanamountnecessarytofulfill House Bill 1088-First Edition Page 9 General Assembly Of North Carolina Session 2019 the priorities outlined in sub-sub-sub-subdivisions I.
of DRH40560-MCxf-230 Page 9 General Assembly Of North Carolina Session 2019 sub-sub-subdivision 1.
of sub-sub-subdivision 1.
The submitted application shall require that participating colleges document a plan for the operations of the physical plant of the facility.
The submitted application shall require that participating Page 10 House Bill 1088-First Edition General Assembly Of North Carolina Session 2019 colleges document a plan for the operations of the physical plant of the facility.
Page 10 DRH40560-MCxf-230 General Assembly Of North Carolina Session 2019 IV.
IV.
Investment earnings, except investment earnings with respect to grant monies to the extent otherwise directed or restricted by the terms of the grant, may be (i) credited DRH40560-MCxf-230 Page 11 General Assembly Of North Carolina Session 2019 to the Public Improvement Bonds Fund, (ii) used to pay debt service on the bonds authorized by this act, (iii) used to satisfy compliance with applicable requirements of the federal tax law, or (iv) transferred to the General Fund of the State.
Investment earnings, House Bill 1088-First Edition Page 11 General Assembly Of North Carolina Session 2019 except investment earnings with respect to grant monies to the extent otherwise directed or restricted by the terms of the grant, may be (i) credited to the Public Improvement Bonds Fund, (ii) used to pay debt service on the bonds authorized by this act, (iii) used to satisfy compliance with applicable requirements of the federal tax law, or (iv) transferred to the General Fund of the State.
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"[ ] FOR [ ] AGAINST The issuance of three billion nine hundred million dollars ($3,900,000,000) State of North Carolina Public Improvement Bonds constituting general obligation bonds of the State secured by a pledge of the faith and credit and taxing power of the State for the purpose of providing funds, with any other available funds, to fund capital improvements and new facilities for the State, including, without limitation, the construction and furnishing of new facilities and the renovation and rehabilitation of existing facilities for, without limitation, the public schools Page 12 DRH40560-MCxf-230 General Assembly Of North Carolina Session 2019 of the State, water and sewer systems, the Department of Natural and Cultural Resources, the North Carolina Community College System, and the University of North Carolina System." If a majority of those voting on the bond question in the election vote in favor of the issuance of the bonds described in the question, those bonds may be issued as provided in this act.
"[ ] FOR [ ] AGAINST The issuance of three billion nine hundred million dollars ($3,900,000,000) State of North Carolina Public Improvement Bonds constituting general obligation bonds of the State secured by a pledge of the faith and credit and taxing power of the State for the purpose of providing funds, with any other available funds, to fund capital improvements and new facilities Page 12 House Bill 1088-First Edition General Assembly Of North Carolina Session 2019 for the State, including, without limitation, the construction and furnishing of new facilities and the renovation and rehabilitation of existing facilities for, without limitation, the public schools of the State, water and sewer systems, the Department of Natural and Cultural Resources, the North Carolina Community College System, and the University of North Carolina System." If a majority of those voting on the bond question in the election vote in favor of the issuance of the bonds described in the question, those bonds may be issued as provided in this act.
– Bonds ornotesmaybear adateordates,maybe serial or term bonds or notes, or any combination thereof;
– Bonds ornotesmaybear adateordates,maybeserial or term bonds or notes, or any combination thereof;
– Subject to the approval by the Council of State as to the manner in which bonds or notes shall be offered for sale, whether at public or private sale, whether within or without the United States, and whether by publishing notices in certain newspapers and financial journals, mailing notices, inviting bids by correspondence, negotiating contracts of purchase, or otherwise, the State Treasurer is authorized to sell bonds or notes at one time or from time to time at any rates of interest, which may vary from time to time, and at any prices, including a price less than or greater than the face amount of the bonds or notes, as the State Treasurer may determine.
– Subject to the approval by the Council of State as to the manner in which bonds or notes shall be offered for sale, whether at public or private sale, whether within or without the United States, and whether by publishing notices in certain newspapers and financial journals, mailing notices, inviting bids by correspondence, negotiating contracts of purchase, or otherwise, the State Treasurer is authorized to sell bonds or notes at one time or from time to time at any rates of interest, which may vary from House Bill 1088-First Edition Page 13 General Assembly Of North Carolina Session 2019 time to time, and at any prices, including a price less than or greater than the face amount of the bonds or notes, as the State Treasurer may determine.
All DRH40560-MCxf-230 Page 13 General Assembly Of North Carolina Session 2019 expenses incurred in thepreparation, sale, and issuance of bonds or notes shall be paid by the State Treasurer from the proceeds of bonds or notes or other available monies.
All expenses incurred in thepreparation, sale, and issuance of bonds or notes shall be paid by the State Treasurer from the proceeds of bonds or notes or other available monies.
This act does not limit the duration of any deposit in trust for the retirement of bonds or notes being refunded but that have not matured and are not presently redeemable, or if presently redeemable, have not been called for redemption.
This act does not limit the duration of any deposit in trust for the retirement of bonds or notes being refunded but that have not matured and are Page 14 House Bill 1088-First Edition General Assembly Of North Carolina Session 2019 not presently redeemable, or if presently redeemable, have not been called for redemption.
Page 14 DRH40560-MCxf-230 General Assembly Of North Carolina Session 2019 (6) Tax exemption.
(6) Tax exemption.
public officers, agencies, and public bodies of the State and its political subdivisions, all insurance companies, trust companies, investment companies, banks, savings banks, savings andloanassociations,credit unions, pension or retirement funds, other financial institutions engaged in business in the State, executors, administrators, trustees, and other fiduciaries.
public officers, agencies, and public bodies of the State and its political subdivisions, all insurance companies, trust companies, investment companies, banks, savings banks, savings andloanassociations, credit unions, pension or retirement funds, other financial institutions engaged in business in the State, executors, administrators, trustees, and other fiduciaries.
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 bythe credit facility, whether DRH40560-MCxf-230 Page 15 General Assembly Of North Carolina Session 2019 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 such credit facility shall not be less than the amount of such excess, unless the payment of such excess is otherwise provided for by agreement of the State executed by the State Treasurer.
House Bill 1088-First Edition Page 15 General Assembly Of North Carolina Session 2019 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 bythe 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 such credit facility shall not be less than the amount of such excess, unless the payment of such excess is otherwise provided for by agreement of the State executed by the State Treasurer.
Page 16 DRH40560-MCxf-230
Page 16 House Bill 1088-First Edition
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Action History

  1. Filed

  2. Passed 1st Reading

  3. Ref to the Com on Appropriations, if favorable, Rules, Calendar, and Operations of the House

Sponsors

Sponsorship breakdown

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3 sponsors · 32 co-sponsors · 144 not signed on

Sponsors (3)

Co-sponsors (32)

Not signed on (144)

144 members have not signed on to this bill.

Show all 144 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

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Frequently asked questions

Who sponsors HB 1088?
HB 1088 is sponsored by Harris, Adcock, Alexander, Vernetta Alston (Democratic), Autry, Cynthia Ball (Democratic), Mary Belk (Democratic), Brewer, Clemmons, Carla D. Cunningham (U), K. Smith, Fisher, Garrison, Gill, Pricey Harrison (Democratic), Hunt, Insko, Meyer, Montgomery, Marcia Morey (Democratic), Queen, Amos L. Quick, III (Democratic), Robert T. Reives, II (Democratic), Russell, Terry, Joe John (Democratic), Neal Jackson (Republican), Zack Hawkins (Democratic), Allison A. Dahle (Democratic), Tracy Clark (Democratic), Becky Carney (Democratic), Cecil Brockman (Democratic), Eric Ager (Democratic), Julie von Haefen (Democratic), and R. Smith.
What is the current status of HB 1088?
This bill died with 2019-2020 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
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