AN ACT TO TRANSFER FUNDS TO THE DEPARTMENT OF TRANSPORTATION TO BE USED AS A LOAN FOR CASH FLOW NEEDS AS A RESULT OF DISASTER RECOVERY.
Requires the State Controller to transfer $94,700,000 from the Hurricane Florence Disaster Recovery Reserve to the Department of Transportation General Maintenance Reserve in the Highway Fund. These transferred funds must be fully restored to the Reserve, as provided for below.
Requires that of the funds allocated to the Department of Transportation (DOT) under Section 4.1 of SL 2018-136, the Office of State Budget and Management must transfer the remaining sum to the Department of Transportation General Maintenance Reserve.
Allows the DOT to may use the funds transferred above and any funds received from the federal government as reimbursement for the use of funds transferred above, to meet the cash flow needs of the Department due to expenditures related to disaster relief, not to exceed the total aggregate amount of $300 million.
Requires funds to be expended in a manner that does not adversely affect DOT's eligibility for federal funds that are made available or are anticipated to be made available as a result of the disaster.
Requires DOT, by June 30, 2021, to transfer $94,700,000 to the Office of the State Controller for deposit in the Hurricane Florence Disaster Recovery Reserve.
Requires DOT to report beginning October 1, 2019, and quarterly thereafter until July 1, 2021, on its use of funds transferred and made available under this act to the Chairs of the Senate Appropriations/Base Budget Committee and the House of Representatives Committee on Appropriations and the Fiscal Research Division.