Sets out the act’s purpose as authorizing the financing of the capital improvement projects listed in this act for the respective UNC institutions with funds available to the institutions from gifts, grants, receipts, self-liquidating indebtedness, Medicare reimbursements for education costs, hospital receipts from patient care, or other funds, or any combination of these funds, but not including funds received for tuition or appropriated from the General Fund or State Capital and Infrastructure Fund of the State unless previously authorized by General Statute.

Authorizes the following capital improvement projects, in the specified amounts, financed as provided above, or by special obligation bonds authorized by the act, or both: East Carolina University—Jones Hall/Legacy Hall; Fayetteville State University—Dormitories; UNC-Chapel Hill—Chilled Water Infrastructure Expansion (Phase1) and Translational Research Building; and UNC-Wilmington—Seahawk Housing Complex Acquisition.

Sets out provisions governing when the Director of the Budget may increase or decrease the cost of, or change the method of, funding the projects.

Allows the UNC Board of Governors to issue, at one time or from time to time, with approval from the Director of the Budget, special obligation bonds for paying all or part of the cost of acquiring, constructing, or providing for these projects. Caps the maximum principal amount of bonds that are to be issued at the specified amounts plus 5%.