NC Senate wants to borrow $451 million

May 26, 2010 2:52:08 AM PDT
The North Carolina Senate wants to borrow money to repair state buildings, construct engineering school buildings at two universities and buy equipment for higher education.

The Senate Finance Committee is scheduled to meet 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 already has borrowed too much money. It's already paying more than $600 million annually on debt service.

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