North Carolina General Statutes 142-81. Findings and purpose
The General Assembly finds as follows:
(1) There is a continuing need for capital facilities for the State, many of which will continue to be provided on a “pay-as-you-go” basis by direct appropriations.
Terms Used In North Carolina General Statutes 142-81
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) The State will also continue to provide capital facilities through the issuance of general obligation bonds.
(3) There is a need, however, for the use of alternative financing methods, such as authorized in this Article, to facilitate the providing of capital facilities when circumstances and conditions warrant the providing of capital facilities through financing methods in addition to direct appropriations and the issuance of general obligation bonds.
(4) The use of these alternative financing methods as authorized in this Article will provide financing flexibility to the State and permit the State to take advantage of changing financial and economic environments. (2003-284, s. 46.2; 2004-203, s. 79.)