House committee substitute makes the following changes to the 1st edition.
Amends proposed GS 136-277(c) to specify that the financial assistance the infrastructure banking program is authorized to provide to governmental units to finance the costs of transportation projects includes costs of aviation projects. Provides that any financial assistance provided under subsection (c) is subject to repayment and conditioned upon the establishment of any security and the payment of any fees and interest rates deemed necessary by the Department of Transportation (previously, also included any fees and interest rates required by the subsection and deemed necessary by the Department).
STATE INFRASTRUCTURE BANK REVISIONS.
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| View NCGA Bill Details | 2017-2018 Session |
AN ACT TO EXPAND THE PURPOSES FOR WHICH FUNDS FROM THE STATE INFRASTRUCTURE BANK MAY BE USED AND TO CREATE AN OVERSIGHT BOARD FOR THE STATE INFRASTRUCTURE BANK, AS RECOMMENDED BY THE HOUSE SELECT COMMITTEE ON STRATEGIC TRANSPORTATION PLANNING AND LONG TERM FUNDING SOLUTIONS.Intro. by Torbett.
Status: Re-ref Com On Finance (House Action) (Apr 19 2017)
Bill History:
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Wed, 1 Mar 2017 House: Filed
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Thu, 2 Mar 2017 House: Passed 1st Reading
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Thu, 2 Mar 2017 House: Ref to the Com on Transportation, if favorable, Finance
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Wed, 19 Apr 2017 House: Reptd Fav Com Substitute
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Wed, 19 Apr 2017 House: Re-ref Com On Finance
H 220
Bill Summaries:
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Bill H 220 (2017-2018)Summary date: Apr 19 2017 - View Summary
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Bill H 220 (2017-2018)Summary date: Mar 1 2017 - View Summary
Repeals GS 13618(12a) (authorizing the creation of a transportation infrastructure banking program). Enacts new Article 21, State Infrastructure Bank, in GS Chapter 136, as follows. Enacts new GS 136277, which is largely substantively identical to repealed GS 13618(12a), although the text is reorganized into subsections. New GS 136277 expands the list of federal laws under which the program may receive funds to also include any federal law authorizing and governing the use of federal funds for such a program.
Enacts new GS 136278, which establishes a State Infrastructure Bank Oversight Board (Board), composed of the Secretary of the DOT, Secretary of the Department of Commerce, State Treasurer, State Auditor, and State Budget Officer. Makes the Board responsible for reviewing and approving loans or other financial assistance under GS 136277. Quorum of the board is the majority of the entire board. Directs Board members to elect from among themselves a chair and a vice chair, and to meet at least once every six months. Board members may send a voting designee in their place. Directs DOT to provide a meeting space and secretarial support to the Board. Directs Board to review and approve proposed loans under new GS 136277. Directs Board to develop guidelines for reviewing and approving loans under new GS 136277, and to publish guidelines online. Directs the Board to report its activities quarterly to the Joint Legislative Commission on Governmental Operations and the Joint Legislative Transportation Oversight Committee. Authorizes travel and subsistence for Board members.
Effective July 1, 2017, and applies to loans applied for on or after that date.
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