Bill Summary for S 29 (2013-2014)

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Summary date: 

Jan 31 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 29 (Public) Filed Thursday, January 31, 2013
A BILL TO BE ENTITLED AN ACT TO (1) STRENGTHEN OVERSIGHT, ANNUAL REPORTING, AND STRATEGIC PLANNING BY THE NORTH CAROLINA RAILROAD COMPANY, (2) REQUIRE A ONE-TIME CASH DIVIDEND OF THE NORTH CAROLINA RAILROAD COMPANY TO THE HIGHWAY FUND, (3) REQUIRE AN ANNUAL CASH DIVIDEND OF THE NORTH CAROLINA RAILROAD COMPANY TO THE HIGHWAY FUND, AND (4) REQUIRE THE TRANSFER OF LOW-INCOME NON-CORRIDOR PROPERTIES FROM THE NORTH CAROLINA RAILROAD COMPANY TO THE STATE.
Intro. by Hartsell.

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Bill summary

Recodifies designated provisions in GS 124-6 and 124-5 in new GS 124-15, and amends GS 124-15 to provide that two of the Governor's seven appointments to the board of directors must be Board of Transportation appointees. Adds new GS 124-16 to require each state-owned railroad company (railroad company) to maintain a strategic plan and a formalized performance management system. Recodifies designated provisions in GS 124-3 in new GS 124-17, and amends GS 124-17 to require each railroad company to submit an annual report to specified committees. Directs each railroad company with trackage in more than two counties to issue a $15.5 million cash dividend by June 30, 2013, to be deposited in the General Fund.

Effective January 1, 2014, adds new GS 124-18 to require railroad companies with trackage in more than two counties to issue an annual cash dividend of at least 25% of the company's income from trackage rights agreements for the previous year. Rewrites GS 124-5.1, which detailed state use of dividends, to instead provide that all dividends will be deposited into the General Fund. Repeals GS 136-16.6 (continuing rail appropriations).

Requires railroad companies with trackage in more than two counties to issue dividends of non-corridor real property, as specified, by June 30, 2013. Directs the Department of Administration to sell the properties and deposit proceeds in the General Fund. Makes other clarifying and conforming changes.