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, and their specified costs, to be financed as provided above: (1) UNC-Chapel Hill: Electrical Distribution System/Substations & Switchgear Upgrade, and Fetzer Hall Addition/Campus Recreation; (2) UNC-Wilmington Parking Deck III, and Student Housing Village - Phase III. Allows the Director of the Budget, at the request of the UNC Board of Governors and upon determining that it is in the best interest of the State to do so, to authorize an increase or decrease in the cost of, or a change in the method of, funding the projects listed in this act; allows consulting with the Joint Legislative Commission on Governmental Operations in deciding whether to make such changes. 

Allows the UNC Board of Governors to issue, subject to approval of the Director of the Budget, at one time or from time to time, special obligation bonds of the Board of Governors for the purpose of paying all or any part of the cost of acquiring, constructing, or providing for the projects listed above. Caps the maximum principal amount of bonds to be issued at the amounts specified in the act plus 5% of such amount to pay issuance expenses, fund reserve funds, pay capitalized interest, and pay other related additional costs plus any increase in the specific project costs authorized by the Director of the Budget.