Rep. Bill Owens, D-Camden, has introduced a bill to limit North Carolina's bonding authority to $138.5 million — or just 11% of what the state issued last year — in fiscal 2012 and 2013.
The bill, which was referred to the House Finance Committee, proposes capping state debt for those two years at two-thirds of the value of outstanding debt paid off in the two-year period that will end June 30.
North Carolina issued $1.3 billion of bonds last year and $1 billion in 2009.
The bill also would require $100 million of the bonds to be issued for state infrastructure repairs and renovations, $23.5 million for a highway patrol training facility and $15 million for an expansion project at Elizabeth City State University.
The Legislature's annual session began Jan. 26 and is scheduled to run through early June.