Part Two The North Carolina Constitution and Commentary, Art.V Finance

Incident to the thorough constitutional reform of 1971, Article V was completely rewritten. Ratified apart from the rest of the constitution, it became effective only on July 1, 1973, the delay being necessary to permit implementation without disruption of state finances. Because the principal sources of state revenue are taxes and borrowing, those topics occupy the bulk of the article: Sections 1, 2, and 5 on taxes; Sections 3, 4, and 6 on debt and repayment. Section 7, prohibiting withdrawals from the treasury except “in consequence of appropriations made by...