AN ACT TO ENACT THE BUILD NC BOND ACT OF 2018.
Senate committee substitute makes the following changes to 1st edition. Amends GS 142-97(2)(a), which forbids the State Treasurer from issuing Build NC Bonds if the Department of Transportation's average month-end cash balance for the first three months in the prior calendar year is $1 billion or less, by removing reference to GS 143C-6-11(f), which requires the Department of Transportation to maintain a cash balance at the end of each month of 7.5% of the total appropriations for the current fiscal year from the Highway Fund. Amends GS 142-97(8), exempting Build NC Bonds from the entirety of GS 142-83, which allows the State to incur special indebtedness for funding capital projects only if (a) the General Assembly enacts legislation setting a cap on the maximum amount of special indebtedness and (b) the sum of all special indebtedness authorized by the legislation after January 1, 2013, does not exceed 25% of the bond indebtedness of the State supported by the General Fund that was authorized after January, 1, 2013. Previously the statute only exempted Build NC Bonds from subsection (b) of GS 142-83.