AN ACT TO STRENGTHEN THE ECONOMY THROUGH STRATEGIC TRANSPORTATION INVESTMENTS. Enacted June 26, 2013. Effective July 1, 2013, except as otherwise provided.
Summary date: Jun 26 2013 - View summary
Summary date: Jun 12 2013 - View summary
Senate committee substitute to the 7th edition makes the following changes.
Amends GS 136-189.10 as follows. Amends the definition of regional impact projects to (1) include rail lines spanning two or more counties not included as a statewide strategic mobility project (was, freight capacity and safety improvements to rail corridors spanning two or more counties not included as a statewide strategic mobility project) and (2) adds public transportation services that span two or more counties and that serve more than one municipality; such expenditures must not exceed 10% of any distribution region allocation. Amends the definition of division needs projects to (1) include rail lines not included as a statewide strategic mobility project or a regional impact project (was, freight capacity and safety improvements to rail corridors not included as a statewide strategic mobility project or a regional impact project) , (2) include public transportation service not included as a statewide strategic mobility project or a regional impact project (was, public transportation service improvements, facilities, and equipment), and (3) adds multimodal terminals and stations serving passenger transit systems.
Amends GS 136-189.11 to add federal state Planning and Research Program funds to those that are excluded from the transportation investment strategy formula.
Amends the bicycle and pedestrian limitation to provide that it does not apply to funds authorized for projects in the State Transportation Improvement Program scheduled for construction as of October 1, 2013, in state fiscal year 2012-13, 2013-14, or 2014-15.
Amends GS 136-18 to add that any contract for the development, construction, maintenance, or operation of a project must provide for revenue sharing between the private party and the Department of Transportation and revenues derived from such project may be used as specified. Also provides that agreements must meet the requirement that before setting toll rates, the private entity must hold a public hearing on the toll rates, including an explanation of the toll setting method. Requires reporting to the Turnpike Authority Board 30 days before increasing toll rates or changing the method for setting the toll.
Summary date: Jun 6 2013 - View summary
Senate committee substitute to the 6th edition makes the following changes.
Amends the definition of statewide strategic mobility projects in GS 136-189.10 to remove extensions of highway toll projects in existence on or for which funds have been obligated by July 1, 2013. Also amends the definition of regional impact projects to remove highway toll roads not included as statewide strategic mobility projects.
Amends GS 136-189.11 to make clarifying changes. Also provides that for division need projects, the bicycle and pedestrian limitation does not apply to projects for which funds have been obligated on or before October 1, 2013 for construction in state fiscal years 2012-13, 2013-14, or 2014-15 (was, limitation did not apply to projects under construction or authorized for construction on June 30, 2013).
Amends GS 136-41.4 to amend the options available to a municipality that qualifies for an allocation of funds under GS 136-41.1 to include accepting all or a portion of funds allocated to the municipality for use as authorized by GS 136-41.3(a) (for specified purposes concerning streets or public thoroughfares; for meeting the proportionate share of assessments levied for those purposes; or for activities related to bikeways, greenways, or sidewalks). The previous edition stated the option as accepting all or a portion of funds allocated to the municipality for activities related to streets only.
Summary date: May 22 2013 - View summary
Senate committee substitute makes the following changes to the 5th edition.
Part 1, Strategic Transportation Investments
Amends GS 136-189.10, providing that the definition for Statewide strategic mobility projects includes extensions of highway toll projects in existence on, or for which funds have been obligated by July 1, 2013. Amends the definition for Regional impact projects, providing that it includes highway toll routes, freight capacity, and safety improvements to rail corridors spanning two or more counties which are not included under Statewide strategic mobility projects and removes specified rail lines spanning two or more counties, and public transportation services spanning two or more counties that serve more than one city. Amends the definition for Division Needs Projects, providing that it includes freight capacity and safety improvements to rail corridors not included in the above definitions, as well as specified aspects of public transportation service improvements facilities, and equipment, federally-funded bicycle/pedestrian improvements, and federally-funded municipal road projects; removes mutlimodal terminals and stations serving passenger tourist systems.
Amends GS 136-189.11, Transportation Investment Strategy Formula, providing that toll collections from the State-maintained ferry system, collected under GS 136-82, are not subject to GS 136-189.11. Enacts new GS 136-189.11(b1), providing that Federal Surface Transportation Program-Direct Attributable funds expended on eligible projects in the Regional Impact Project category are excluded from the Regional Impact Project category. Amends the criteria used for the selection of Regional Impact Projects and Division Need Projects, deleting economic competitiveness from the lists of eligible criteria and adding accessibility and connectivity to employment centers, tourist destinations, and military installations for consideration.
Amends the criteria for selecting Division Need Projects to add accessibility and connecting to employment centers, tourist destinations or military installations. Amends the alternate criteria used in the selection of Division Need Projects, providing that only those Federal Surface Transportation Program-Direct Attributable funds expended on eligible projects in the Division Need Projects category can be considered. Also adds federal funds for municipal road projects to the list of alternate criteria. Establishes that bicycle and pedestrian improvement projects will not receive financial support from the DOT, except for federal funds administered by the DOT. Sets out the limitations on applicability for the subsection. Makes a clarifying change to the criteria for nonhighway projects, providing that criteria used for the selection of projects (was, for the selection of Statewide Strategic Mobility Projects only) must be based on at least four quantitative criteria.
Amends GS 136-189.11(f), Incentives for Local Funding and Highway Tolling, providing that for a project for which funds have been committed on or before July 1, 2015, the amount made available for other eligible highway projects will not exceed $200 million of the capital construction funding attributable to the highway toll revenues committed in the Investment Grade Traffic and Revenue Study. Further provides that any amount available for other eligible highway projects will not exceed $100 million of the capital construction funding attributable to the highway toll revenues committed in the Investment Grade Traffic and Revenue Study, in regards to a project for which funds are committed after July 1, 2015.
Amends GS 136-189.11(g), regarding reporting requirements, deleting the requirement to include distinctions between the DOT division scoring and methodologies and those of the other specified entities. Makes a clarifying change.
Part 2, Secondary Roads Changes
Amends GS 20-85(a1), deleting language regarding the crediting of funds raised by the fees for transactions of this section. Enacts new GS 20-85(a2), which provides that from the fees collected under subsection (a)(1) through (a)(9), $400,000 will be annually credited to the Reserve for Visitor Centers in the Highway Fund. Makes a conforming change.
Amends GS 136-44.2, Budget and appropriations, to make clarifying changes.
Makes a technical change to GS 136-44.2D.
Amends Section 2.6(d) of the act to make the appropriation an allocation.
Amends the title of GS 136-44.8, effective July 1, 2014, to be Submission of unpaved secondary road paving programs to the Boards of County Commissioners, (was, Submission of secondary roads unpaved roads paving program to the Boards of County Commissioners).
Part 3, State Aid to Municipalities/Powell Bill Changes
Amends GS 136-41.3, Use of funds; records and annual statement; excess accumulation of funds; contracts for maintenance, etc., of streets, establishing that the funds provided under GS 136-41.2 may be used by the specified cities and towns for the varied purposes including constructing or maintaining bikeways, greenways, or sidewalks (previously, provided that the funds must be used for bikeways found in the rights of way of public streets and highways or sidewalks along public streets and highways). Makes organizational changes, providing introductory titles for each subsection.
Amends GS 136-41.1, Municipal use of allocated funds; election, providing that municipalities that qualify for an allocation of funds pursuant to GS 136-41.1 now have the following options:
(1) Accept all or a portion of funds (previously, only provided for accepting all of the funds) allocated to the municipality, under that section, for the repair, maintenance, construction, reconstruction, widening, or improving of the municipality's streets.
(2) Use some or all of its allocation to match federal funds administered by the Department for bicycle and pedestrian improvement projects within the municipality's limits, or within the area of any metropolitan planning organization or rural transportation planning organization (new).
(3) Elect to have some or all of the allocation reprogrammed for any Transportation Improvement Project currently on the approved project list within the municipality's limits or within the area of any metropolitan planning organization or rural transportation planning organization (was, rural planning organization).
Makes conforming changes.
Amends GS 136-41.1(b), establishing that the restriction set out in this subsection on the allocation amount that may be reprogrammed does not apply to any bicycle or pedestrian projects.
Provides a new Section 3.5 of the act, which requires the DOT to collect lane mile data from each municipality eligible to receive funds under this section no later than December 1, 2013. The DOT must also report to the Joint Legislative Transportation Oversight Committee no later than March 1, 2014, providing at least three options to shift the distribution formula to include lane mile data. Sets out other required components of the report. Requires the Joint Legislative Transportation Oversight Committee and the Fiscal Research Division to include in its recommendations to the 2014 Session of the 2013 General Assembly a new distribution formula, if the Committee finds that a new formula is beneficial and practical.
Part 5, Turnpike Authority Changes
Amends GS 136-18, Powers of Department of Transportation, making organizational changes to subsection (e). Amends the definition of corridor, for the purpose of this subdivision, to include improvements necessary for the financing of subsequent improvements, additions, or extensions to the Turnpike Project. Amends subsection (f), providing that agreements entered into under this subdivision must be limited to no more than 50 years from the date of the beginning of the operations on the toll facility (previously, did not state when the 50 year time period began). Makes a clarifying change. Deletes subsection (g), as provided for in a previous edition which allowed DOT to contract with counsel or financial advisors.
Part 7, Effective Date
Deletes all of the provisions from the effective date provision in the previous edition. Establishes that except as provided herein, this act becomes effective July 1, 2013. Provides that the act is only effective if the General Assembly appropriates funds in the Current Operations and Capital Improvements Appropriations Act of 2013 to implement this act.
House amendment to the 4th edition makes the following changes. Amends GS 136-189.11 to require that the Department of Transportation publish the following information on its website, linked to directly from the homepage: (1) quantitative criteria used in each highway and nonhighway project scoring; (2) quantitative and qualitative criteria in each highway or nonhighway project scoring that is used in each region or division to finalize the local input score; (3) notifications of changes to the methods used to calculate quantitative criteria; (4) the final quantitative formulas used in each highway and nonhighway project scoring used to obtain project rankings in the statewide, regional, and division categories; and (5) the project scorings associated with the release of the draft State Transportation Improvement Program and final State Transportation Improvement Program.
House committee substitute to the 3rd edition makes the following changes. Amends GS 136-189.11 to modify the distribution of funds subject to the Transportation Investment Strategy Formula to require that 30% (was, 40%) of the funds be used for Regional Impact Projects and 30% (was, 20%) of the funds be allocated in equal share to each of the Department of Transportation (DOT) divisions to be used for Division Need Projects. Makes other clarifying changes.
Amends GS 136-176(b2), decreasing the amount appropriated to the NC Turnpike Authority from the Highway Trust Fund from $112 million to $49 million and deletes the specified appropriation for the Mid-Currituck Bridge, and the Garden Parkway.
Amends GS 136-89.183 to modify the projects that the Turnpike Authority is authorized to design, establish, purchase, construct, operate, and maintain, to remove the Western Wake Freeway segment of the Triangle Expressway, the Garden Parkway, the Cape Fear Skyway, and a bridge of more than two miles in length going from the mainland to a peninsula bordering Virginia. Provides that in order to be selected for construction by the Turnpike Authority, before the letting of a contract for the project, only two of the projects (was, all of the projects) must be ranked in the top 35 based on total score on the Department's Mobility Fund Project Scores, Makes conforming changes.
Requires DOT to strive to expedite the federal environmental impact statement process to define the route for the Southeast Extension of the Triangle Expressway Turnpike Project by taking appropriate action, including those specified, to accelerate the environmental permitting process.
Requires the Joint Legislative Transportation Oversight Committee to closely monitor the progress of the Southeast Extension of the Triangle Expressway Turnpike Project.
Summary date: May 7 2013 - View summary
House committee substitute to the 3rd edition is to be summarized.
Summary date: May 2 2013 - View summary
House committee substitute makes the following changes to the 2nd edition.
Amends GS 136-76(b2) to reinstatean annual appropriation of $112 million from the Highway Trust Fund to the NC Turnpike Authority and reinstates the dollar amountsin specified funding for the construction of Mid-Currituck Bridge ($28 million) and the construction of the Garden Parkway ($35 million). (Amendments to the 1st editiondecreased the annual appropriation forthe Turnpike Authority from the Highway Fund from $112 million to $49 million and deleted specified funding for the Mid-Currituck Bridge and for the Garden Parkway.)
Amends GS 136-89.183 to reinstate authorization for the Turnpike Authority to include the Garden Parkway, Cape Fear Skyway, and a bridge of more than two miles in length going from the mainland to a peninsula bordering Virginia among its Turnpike Projects. Makes conforming changes. Provides that the projects (was, two of the projects)must be ranked in the top 35 based on the total score on the "Mobility Fund Project Scores" list dated June 6, 2012.
Summary date: May 1 2013 - View summary
House committee substitute to the 1st edition makes the following changes. Deletes the provisions of the 1st edition and replaces it with the following.
Strategic Prioritization Funding Plan for Transportation Investments. Creates new Article 14B, Strategic Prioritization Funding Plan for Transportation Investments, in GS Chapter 136. Creates the new Transportation Investment Strategy Formula (formula), applicable to Highway Trust Fund funds and federal aid funds. Lists funds excluded from the formula. Provides that bridge replacement, interstate maintenance, and highway safety improvement are included in the applicable formula category but are subject to the prioritization criteria. Provides that 40% of the funds are to be used for statewide strategic mobility projects (defined in the act), 40% are to be used for regional impact projects (defined in the act) and allocated by population of distribution regions, and 20% is to be allocated in equal share to each of the Department of Transportation (DOT) divisions and used for division need projects (defined in the act). Establishes criteria for using funds under each of the project types. Nonhighway projects are to be evaluated through a separate prioritization process that complies with specified requirements. Sets out requirements that must be met before varying from the formula. Allows DOT to revise highway project selection ratings based on local government funding initiatives and capital construction funding directly attributable to highway toll revenue. Provides that projects authorized for construction after November 1, 2013, and contained in the 10-year DOT work program are eligible for a bonus allocation. Allows the Metropolitan Planning Organization, Rural Transportation Planning Organization, or the local government to choose to apply its bonus allocation in one or more of the following: statewide strategic mobility projects, regional impact projects, or division needs projects. Effective July 1, 2013.
Effective July 1, 2019, further amends GS 136-189.11(e)(2) to amend the provisions for calculating the variance.
Requires DOT to issue a draft revision to the State Transportation Improvement Program no later than January 1, 2015, and requires the Board of Transportation to approve the revised program no later than July 1, 2015.
Secondary Road Changes. Amends GS 20-85 to delete the requirement that $15 of each title fee be added to the amount allocated for secondary roads.
Amends GS 136-44.2 to include improvement programs to those for which the Director of the Budget is to include in the appropriation act an enumeration of the purposes or objects of the proposed expenditure. Makes conforming changes. Effective July 1, 2013, and expires June 30, 2014.
Effective July 1, 2014, amends GS 136-44.2 to no longer require construction projects to be included in the appropriations act, leaving only maintenance and improvement.
Amends GS 136-44.2A to require an annual allocation from the Highway Fund to the DOT for secondary road construction programs (was, for secondary road improvement programs in a sum equal to the allocation made from the Highway Fund under GS 136-414.1(a)). Makes conforming changes, deleting specified sum to be allocated among counties. Effective July 1, 2013, and expires June 30, 2014. Repeals GS 136-44.2A entirely effective July 1, 2014.
Repeals GS 136-44.2C (special appropriations for state construction).
Enacts new GS 136-44.2D requiring DOT to expend funds allocated to the paving of unpaved secondary roads for the paving of unpaved secondary roads based on a statewide prioritization. Provides that the section does not require DOT to pave any roads that do not meet secondary road system addition standards. Prohibits using the Highway Trust Fund from funding the paving of unpaved secondary roads.
Amends GS 136-44.5 to require that the amounts appropriated by law for secondary road construction, excluding unpaved secondary road funds, are to be allocated among counties abased on the total number of secondary miles in a county in proportion to the total state-maintained secondary road mileage. Makes conforming changes. Effective July 1, 2013, and expires June 30, 2014. Repeals GS 136-44.5 in its entirety, effective July 1, 2014.
Amends GS 136-44.6 to require DOT to develop a uniformly applicable formula for the allocation of secondary roads improvement funds. Provides that the statute does not apply to projects to pave unpaved roads.
Appropriates $15 million for 2013-14 from the Highway Fund for the secondary road construction program and $12 million in recurring funds for 2013-14 from the Highway Fund for the paving of unpaved roads.
Amends GS 136-44.7 to delete the provision making DOT responsible for developing criteria for improvements and maintenance of secondary roads. Authorizes the Divisions Engineer to reduce the width of a right-of-way to less than 60 feet to pave an unpaved secondary road with allocated funds, as long as the safety of the public is not compromised and the minimum accepted design practice is satisfied.
Amends GS 136-44.8 to require DOT to provide the board of county commissioners in each county with the proposed secondary road construction program and a list of roads proposed for the annual paving program. Deletes other provisions concerning providing notice of secondary road-paving projects and related meetings. Requires that the DOT follow the secondary road construction program and unpaved roads paving program adopted by the Board of Transportation. Makes conforming changes. Effective July 1, 2013, and expires June 30, 2014.
Amends GS 136-44.8, effective July 1, 2014, removing new language concerning the secondary road construction program.
Repeals GS 136-182 (supplement for secondary road construction).
State Aid to Municipalities/Powell Bill Changes. Amends GS 136-41.1 to annually appropriate from the State Highway Fund an amount equal to 10.4% of the net amount after refunds that was produced during the fiscal year by the fuel tax imposed under Article 36C and on the equivalent amount of alternative fuel taxed under Article 36D of GS Chapter 105. Deletes the provision concerning additional revenue allocation. Requires the funds allocated under the statute to be paid to the municipalities on or before October 1 and January 1 of each year.
Repeals GS 136-181 (supplement for city streets).
Conforming Changes. Amends GS 105-187.9 to delete the provision that required the transfer of specified amounts from the taxes deposited into the Trust Fund to the General Fund and concerning the transfer of funds from the Trust Fund to the Mobility Fund.
Amends GS 136-18 to provide that the infrastructure banking program must not modify the formula for the distribution funds established by GS 136-189.10 (was, not modify the regional distribution formula for the distribution of funds under GS 136-17.2A).
Repeals GS 136-17.2A (Distribution formula for funds expended on Intrastate System and Transportation Improvement Program).
Amends GS 136-44.50(a) to provide that a transportation corridor official map may be adopted or amended by the Wilmington Urban Area Metropolitan Planning Organization for projects R-3300 and U-4751 (was, for any project that is within its urbanized boundary and identified in GS 136-179).
Amends GS 136-66.3 to delete the provision prohibiting a Transportation Improvement Plan (TIP) disadvantage for participating in a state transportation system improvement project, and the provision limiting agreements for additional total funding for highway construction in exchange for participation in any project contained in the TIP. Provides that any state or federal funds allocated to a project that are made available by county or municipal participation in a project contained in the TIP are subject to GS 136-189.11 (was, must remain in the same funding region that the funding was allocated to under the distribution formula).
Amends GS 136-89.192 to replace references to the distribution formula with the formula under GS 136-189.11.
Amends GS 136-175 to remove the definition for intrastate system.
Amends GS 136-176 to delete the provisions requiring that specified funds be used for specified purposes. Deletes the reporting requirements. Provides that a sum, in the amount appropriated by law, may be used each fiscal year by the DOT for expenses to administer the Trust Fund (was, a sum not to exceed 4.8% of the amount of revenue deposited in the Trust Fund). Specifies that funds remaining in the Trust Fund are to be allocated and used as specified in GS 136-189.11 and deletes the specified allocations. Decreases the annual appropriation for the Turnpike Authority from the Highway Fund from $112 million to $49 million and deletes specified funding for the Mid-Currituck Bridge and for the Garden Parkway. Deletes the provision that if funds are received under 23 USC Chapter 1 for a project for which funds in the Trust Fund may be used, the amount of federal funds received plus the amount of any Highway Funds that were used to match the federal funds may be transferred from the Trust Fund to the Highway Fund for projects in the TIP.
Repeals the following: GS 136-177 (Limitation on funds obligated from Trust Fund), GS 136-177.1 (Requirement to use federal funds for Intrastate System projects and urban loops), GS 136-178 (Purpose and description of Intrastate System), GS 136-179 (Projects of Intrastate System funded from Trust Fund), GS 136-180 (Urban loops), GS 136-184 (Reports by Department of Transportation), GS 136-185 (Maintenance reserve created in certain circumstances), GS 136-187 (Creation of the North Carolina Mobility Fund), GS 136-188 (Use of North Carolina Mobility Fund), and GS 136-189 (Reports by Department of Transportation).
Turnpike Authority Changes. Amends GS 136-89.183 to give the Turnpike Authority (Authority) the power to study, plan, develop, and undertake preliminary design work on up to nine (was, eight) Turnpike Projects. Provides that at the conclusion of these activities, the Authority is authorized to design, establish, purchase, construct, operate, and maintain the following: (1) Triangle Expressway, including segments known as NC 540, Triangle Parkway, Western Wake Freeway, and Southeast Extension ands specifies that these segments constitute four projects; deletes prohibition on locating any portion of the Southeast Extension north of an existing protected corridor established by the DOT circa 1995 and (2) Monroe Connector/Bypass. Deletes authority for the Garden Parkway, Cape Fear Skyway, and a bridge of more than two miles in length going from the mainland to a peninsula bordering Virginia. Any other project proposed by the Authority in addition to the listed projects requires prior consultation with the Joint Legislative Commission on Governmental Operations no less than 180 days before initiating the process required by Article 7 of GS Chapter 159 (was, must be approved by the General Assembly before construction). Provides that with the exception of the Monroe Connector/Bypass and Triangle Expressway segments, the projects selected for construction by the Authority, before letting of a contract, must meet the following: (1) two of the projects must be ranked in the top 35 based on total score on the DOT produced list entitled Mobility Fund Project Scores dated June 6, 2012, and may be subject to GS 136-18(39a) (concerning the authority to enter into partnership agreements with private entities and authorizing political subdivisions to finance, by tolls, contracts, and other financing methods authorized by law, the cost of acquiring, constructing, equipping, maintaining, and operating transportation infrastructure in this State, and to plan, design, develop, acquire, construct, equip, maintain, and operate transportation infrastructure in this State); and (2) for the projects not ranked as provided, one may be subject to GS 136-18(39a).
Amends GS 136-18 to allow the DOT or the Authority, as applicable, to enter into up to three agreements with a private entity as provided under (39). Deletes references to a pilot project. Provides that Article 6H (Public Toll Roads and Bridges) of GS Chapter 136 applies to the DOT and to projects undertaken by the DOT under (39). Also allows DOT to assign its authority under that article to fix, revise, charge, retain, enforce, and collect tolls and fees to the private entity. Requires that any contract under GS 136-18(39a) or Article 6H for the development, construction, maintenance, or operation of a project provide for revenue sharing between the private party and the DOT. Excess toll revenues from a turnpike project are to be used for the funding or financing of transportation projects within the corridor where the turnpike project is located. Defines excess toll revenues and corridor. Agreements must comply with seven specified provisions including (1) being limited to no more than 50 years, (2) reporting specified information to the Joint Legislative Transportation Oversight Committee 60 days before signing of a concession agreement, and (3) developing and reporting on standards for entering into comprehensive agreements with private entities.
Amends GS 136-89.183 to make conforming changes.
Amends GS 136-89.188 to expand the activities that may be paid for with Turnpike Project revenue.
Enacts new GS 136-89.199 to allow the Authority to designate one or more lanes of a highway as high occupancy toll or other type of managed lanes, provided that the designation does not reduce the number of existing general purpose lanes.
Amends GS 136-89.212 to provide that if a person establishes that a vehicle was in the care, custody, and control of another person, the other person is liable for the payment of the toll and the Authority may send a bill. Provides that the other person may contest the toll.
Amends GS 136-89.213 to make conforming changes. Allows the Authority to assign its authority to fix, revise, charge, retain, enforce, and collect tolls and feeds to a private entity that has entered into a partnership agreement with the Authority. Provides that if a turnpike project uses an open road tolling system, the Authority must operate a facility that is in the immediate vicinity of the project or provide an alternative means to accept cash payment of the toll. Makes conforming changes.
Amends GS 136-89.214 to make conforming changes concerning the ability of the Authority to send a bill to a person identified as the one having care, custody, and control of the vehicle.
Amends GS 136-89.215 to require the Authority to set the processing fee at an amount that does not exceed the costs of collecting the unpaid toll (was, costs of identifying the owner subject to the unpaid toll and billing the owner).
Transition Study and Reporting Requirements. Requires the DOT to report to the Joint Legislative Transportation Oversight Committee (Committee) and the Fiscal Research Division no later than August 15, 2013, on the recommended formulas that will be used in the prioritization process to rank highway and nonhighway projects. Requires the DOT Prioritization Office to develop the process and formulas. Prohibits the DOT from finalizing the formula without consulting with the Committee. Requires consultation on the DOT recommendation 30 days after the report is received. Requires a final report to be submitted by January 1, 2014. Requires DOT to submit transition reports to members of the Joint Legislative Transportation Oversight Committee, House Appropriations Subcommittee on Transportation and Senate Committee on Appropriations on DOT, and the Fiscal Research Division on March 1, 2014, and November 1, 2014. Specifies information to be included in the report.
Effective Date. Unless otherwise indicated, effective July 1, 2013. The act is effective only if the General Assembly appropriates funds in the Current Operations Appropriation Act of 2013 to implement the act.
Summary date: Apr 15 2013 - View summary
Amends GS 136-18 to give the Department of Transportation the power to issue bonds or other eligible debt financing instruments to finance highway projects using state transportation appropriations to pay a portion of principal, interest, and related debt issuance costs. Caps the annual principal and interest of such debt at $300 million of the expected average annual state revenue shown for the period in the most recently issued work plan.