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NC Senate examining proposed $451M debt package

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RALEIGH, N.C. -- The state Senate is interested in borrowing money to repair state buildings, construct engineering school buildings at two universities and buy equipment for higher education.

The Senate Finance Committee was scheduled on Wednesday to consider a $451 million debt package that would be repaid over 20 years. More than half the funds would pay to complete buildings to expand the engineering schools at North Carolina State University and North Carolina A&T.

The borrowing package wouldn't require statewide voter approval and at the same time move the state beyond a self-imposed debt limit calculated by a state panel.

Some lawmakers believe the state has borrowed too much. It's already paying more than $600 million annually on debt service.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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