North Carolina General Statutes Chapter 116. Higher Education § 116-41.13. Purpose

The General Assembly of North Carolina recognizes that each constituent institution of The University of North Carolina would be greatly strengthened by the addition of distinguished scholars for degree programs in STEM subject areas.  It further recognizes that private as well as State support is preferred in helping to obtain distinguished scholars for constituent institutions and that private support will help strengthen the commitment of citizens and organizations in promoting excellence throughout The University of North Carolina.  It is the intent of the General Assembly to establish a trust fund to provide the opportunity to each constituent institution to receive and match challenge grants to create endowments for selected distinguished professors for degree programs in STEM subject areas to occupy chairs within the institution.  The associated foundations that serve the constituent institutions shall solicit and receive gifts from private sources to provide for matching funds to the trust fund challenge grants for the establishment of endowments for chairs for degree programs in STEM subject areas within constituent institutions.