RALEIGH -- The General Assembly is using a 1991 court opinion that allowed North Carolina governments to approve certain types of borrowing without voter approval.
The legislature this year went on a borrowing spree in the budget, authorizing $857 million in debt over the next four years.
That's the largest amount ever approved in one year without requiring a public vote.
The indebtedness will pay for 1,500 prison beds, more than 15 university and state buildings, even an oyster hatchery and the renovation of the polar bear exhibit at the North Carolina Zoo.
Legislative leaders said they aren't giving up on traditional bonds, which under the state constitution must be approved by voters. But they say the indebtedness used this year is a way to finance essential projects faster than waiting for voters to speak on a bond issue.
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