North Carolina, USA, regional Obligatory referendum [LOR] - Submission to direct vote: Limitations upon the increase of State debt

General Typology

Instrument
Obligatory referendum [LOR]
Location
North Carolina, USA
Political level
regional
Local Name:
Submission to direct vote: Limitations upon the increase of State debt
Normative Level:
constitutional
Legally Binding:
yes
Legally Defined:

ARTICLE V FINANCE

Sec. 3. Limitations upon the increase of State debt.

(1) Authorized purposes; two-thirds limitation. The General Assembly shall have no power to contract debts secured by a pledge of the faith and credit of the State, unless approved by a majority of the qualified voters of the State who vote thereon,  (..)

(2) Gift or loan of credit regulated. The General Assembly shall have no power to give or lend the credit of the State in aid of any person, association, or corporation, except a corporation in which the State has a controlling interest, unless the subject is submitted to a direct vote of the people of the State, and is approved by a majority of the qualified voters who vote thereon.

Source: North Carolina State Constitution (accessed 1 August 2017)

Subject Matter:

To contract debts secured by a pledge of the faith and credit of the State; to give or lend the credit of the State in aid of any person, association, or corporation

Actors

Author:
Legislature
Initiator:
Law
Decision maker:
Electorate

Requirements

Available Time:
Turnout Quorum:
No turnout quorum found in legal source
Approval Quorum:
Majority of votes cast
Geographical Quorum:
No geopgraphical quorum found in legal source
Excluded Issues:

Art. V Sec. 3 

(1) ... except for the following purposes:

(a) to fund or refund a valid existing debt;

(b) to supply an unforeseen deficiency in the revenue;

(c) to borrow in anticipation of the collection of taxes due and payable within the current fiscal year to an amount not exceeding 50 per cent of such taxes;

(d) to suppress riots or insurrections, or to repel invasions;

(e) to meet emergencies immediately threatening the public health or safety, as conclusively determined in writing by the Governor;

(f) for any other lawful purpose, to the extent of two-thirds of the amount by which the State's outstanding indebtedness shall have been reduced during the next preceding biennium.

(2) (..) except a corporation in which the State has a controlling interest,

Source: North Carolina State Constitution (accessed 1 August 2017)

Other Formal Requirements:

Procedural Elements

Wording Of Ballot Question:
Interaction With Authorities:
Supervision And Support:
Transparency And Finance:

Practice

Archive:
Remarks: