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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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What a Great Proposal

those bozos realize the state cedit card is maxxed out. General Funds are tapped out through 2012. They know there is no way the voters across the state will approve referrendum items to allow the state to borrow the money.

So use some political smoke and mirrors to avoid all of that and rely upon a little known provision in the state statutes which allows emergency borrowing without voter approval.

Voters can either stay silent other than posting complaints and outrageous comments on this website OR they can start calling and writing their Legislators and voicing their outrage over this proposal. They might also remind those Legislators that when the session is over and they return home, they will face angry constituents at the grocery store, church, or their places of business.

If my perception is correct, over half the people who read this willdo nothing more than express outrage on this website.

I've emailed Carolyn Justice and Senator Soles. Have you?

At the same time express your outrage over House Bill 1937 sponsored by departing Representative Spaulding-Hughes. That's a blatant attempt to lay $500,000 at the feet of some old friends.