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.
Senate committee substitute makes the following changes to the 1st edition.
Changes the long title.
Amends GS 124-15 to provide that one of the Governor's seven appointments to the board of directors must be a Board of Transportation appointee and another one of the seven appointments must be the Secretary of Commerce or the Secretary's designee (previously, two of the Governor's seven appointments to the board of directors had to be Board of Transportation appointees).
Amends GS 124-16, changing its title to Strategic plan and capital investment plan required of State-owned railroad company; performance management system, providing that State-owned railroad companies must prepare and maintain a comprehensive strategic plan and a capital investment plan (previously, only a comprehensive strategic plan was required).
Amends GS 124-17, which requires each railroad company to submit an annual report to specified committees, adding several required components to the annual report.
Establishes the Freight Rail & Rail Crossing Safety Improvement Account within the Highway Fund as a separate, nonreverting account.
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 Freight Rail & Rail Crossing Safety Improvement Account (previously, amount was to be deposited into the General Fund).
Rewrites GS 124-5.1, which details state use of dividends, providing that any dividends of the railroad company received by the State will be deposited into the Freight Rail & Rail Crossing Safety Improvement Account for the enhancement of rail service and railroad-roadway crossing safety which can include specified project types (previously, funds were to be deposited into the General Fund and no limits on their use was provided).
Amends GS 124-18, which requires railroad companies with trackage in more than two counties to issue an annual cash dividend of 25% of the company's income from trackage rights agreements for the previous year. Provides that Directors of any railroad company who vote for or assent to the dividend required under this section will not be held liable under GS 55-8-33 (previously, the dividend was stated to be a minimum of 25%, and no protection for Directors was provided).
Requires railroad companies with trackage in more than two counties to issue dividends of non-corridor real property, as specified, by June 30, 2013. Provides that the value of the real property dividend must be based on either an appraisal of the fair market value or the ad valorem tax value for the parcel. Directs the Department of Administration to sell the properties and deposit proceeds in the Freight Rail and Rail Crossing Safety Improvement Account (was, the General Fund).
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