Bill Summary for H 174 (2013-2014)

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Summary date: 

Mar 19 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
House Bill 174 (Public) Filed Wednesday, February 27, 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 GENERAL FUND, (3) REQUIRE AN ANNUAL CASH DIVIDEND OF THE NORTH CAROLINA RAILROAD COMPANY TO THE GENERAL FUND, AND (4) REQUIRE THE TRANSFER OF LOW-INCOME NON-CORRIDOR PROPERTIES FROM THE NORTH CAROLINA RAILROAD COMPANY TO THE STATE, AS RECOMMENDED BY THE JOINT LEGISLATIVE PROGRAM EVALUATION OVERSIGHT COMMITTEE.
Intro. by Howard.

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Bill summary

House committee substitute makes the following changes to the 1st edition.

Recodifies designated provisions in GS 124-6 and 124-5 in new GS 124-15, and amends GS 124-15 to provide that one of the Governor's seven appointments to the board of directors may be a Board of Transportation appointee and another appointment may be an appointee to the North Carolina Economic Development Board.

Amends GS 124-16 and 124-17 to require that any state-owned railroad company must also prepare and maintain a comprehensive capital investment plan (was, must maintain just a strategic plan).

Amends GS 124-17, expanding the reporting requirement and information required to report annually to the Joint Legislative Commission on Governmental Operations and the Joint Legislative Transportation Oversight Committee.

Amends GS 124-5.1, changing title to North Carolina Railroad Company dividends deposited to the Repairs and Renovations Reserve Account. Amends GS 124-5.1 to deposit any dividends of the North Carolina Railroad Company received by the state into the Repairs and Renovations Reserve Account (was, General Fund).

Amends GS 124-18, providing that directors of any state-owned railroad company who vote for or assent to any dividend under this section will not be held liable under GS 55-8-33.

Amends Section 4 of bill, one-time real property dividend, deleting Hillsborough Former Depot Lot from the list provided.

Amends Section 4(b) of bill, providing for the Department of Administration to deposit proceeds of sales of the properties into the Repairs and Renovations Reserve Account.