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.
Senate committee substitute to the 1st edition makes the following changes. Amends the act's long and short titles.
Creates the Disaster Relief Cash Flow Loan Fund (Fund) in the Department of Transportation (DOT). Directs the State Controller to transfer $90 million in nonrecurring funds from the unreserved balance of the General Fund to the Fund for the 2018-19 fiscal year. Now specifies that the funds allocated to the Department of Transportation (DOT) under Section 4.1 of SL 2018-136, previously directed to be transferred to the General Maintenance Reserve, instead be transferred to the Fund. Appropriates from the unreserved balance in the General Fund to the Fund for the 2018-19 fiscal year a sum equal to the amount of funds used by DOT under Section 34.3(b) of SL 2018-5, which authorizes DOT to use up to $30 million in the nonrecurring funds appropriated by the act to the General Maintenance Reserve to cover costs of a described time-critical economic development project in Edgecombe County. Repeals Section 34.3(d) of SL 2018-5, which requires for each fiscal year of the 2021-2023 and 2023-2025 fiscal biennia, 25% of the funds used by DOT under subsection (b) to be appropriated in nonrecurring funds from the General Fund to the General Maintenance Reserve.
Maintains the use provisions previously provided and applies them to the use of funds in the Fund, and explicitly restricts use of the funds to the authorized uses provided. Maintains the limitation on Fund expenditures to ensure eligibility for federal disaster funds. Modifies the repayment and reversion provisions to now require DOT to transfer $60 million to the Office of the State Controller upon the later of either reaching the $300 million total aggregate limit set out for the Fund or June 30, 2021, for deposit in the Savings Reserve, with the remaining balance in the Fund transferred to the Highway Fund. Closes the Fund upon the transfers. Modifies the reporting requirements to include submission of the reports to additional NCGA committees. Adds a new requirement for the report to specify the source of funds for expenditures and for which disaster the funds were expended.