RALEIGH, N.C. (AP) — North Carolina is moving forward with a $2 billion borrowing initiative aimed at education and state infrastructure that voters approved in March.
The Council of State on Tuesday unanimously approved the first $200 million of bonds to be issued and sold.
Gov. Pat McCrory says 87 percent of initial $200 million is headed toward projects at universities and community colleges, including improvements to UNC science, nursing and business buildings across the state. The National Guard and sewer infrastructure projects will also receive funding.
The $200 million approved Tuesday will be available for sale on the market by late July.
The 10-person Council of State includes executive branch leadership such as the governor, lieutenant governor, treasurer, and commissioners of agriculture, labor, and insurance.