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. Enacted May 16, 2019. Effective May 16, 2019.
Bill Summaries: S605 HIGHWAY STORM RECOVERY ACT (NEW)
Summary date: May 16 2019 - View Summary
Summary date: Apr 17 2019 - View Summary
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.
Summary date: Apr 5 2019 - View Summary
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.