The state's top elected officials Monday morning approved an expedited schedule to sell $742 million in bonds for university buildings, prisons, museums and a polar bear exhibit at the N.C. Zoo.
The legislature already approved the projects. The Council of State, made up of the governor and other elected executive branch officials, voted to speed up the bond sales in hopes that the construction will generate thousands of new jobs and help ease the pain of a sagging economy.
"It has a huge ripple effect," Gov. Mike Easley, a Democrat, told the council. He initially proposed the accelerated sale in November. "Thirty days (sooner) makes a whole lot of difference if you're out of a job," he said.
State Auditor Les Merritt, a Republican, questioned the idea of speeding up the accumulation of a debt that was approved months ago, in a different economy: "We have a lot of projects that were voted on (by the legislature) in a bright looking picture and now the picture isn't so bright."
Only $65 million of the new debt will be issued this spring. Approximately $258 million in bonds likely will be sold in the fall and the rest in succeeding years. Easley said the plan allows the state to raise a large amount of money and start construction while not having to start paying down the debt until the end of 2009 when the economy likely will be recovering.
The projects include money for the planned Energy Production Infrastructure Center at UNC Charlotte, which will train engineers to build and run energy plants, particularly nuclear reactors. The council also approved an additional $107 million bond sale for the Green Square project in downtown Raleigh: An expansion of the N.C. Museum of Natural Sciences and a new office building for the Department of Environment and Natural Resources.
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