Senate committee substitute makes the following changes to the second edition.

Amends GS 143-215.73F (establishes the Shallow Draft Fund) and GS 143-215.73G (establishes the Deep Draft Fund) to delete provision that provided that for each of the respective funds, interest and other investment income earned by the Fund accrued to it.

Directs that $6 million of the funds appropriated to the Department of Commerce Job Catalyst Fund for the 2014-15 fiscal year be transferred to the Shallow Draft Navigation Channel Dredging and Lake Maintenance Fund (Shallow Draft Fund) established in GS 143-215.73F within 10 days of the effective date of this act. Identifies the purposes for which the Shallow Draft Fund is to be reserved. Provides that the conditions on funding as provided in GS 143-215.73F(c) may not be waived, and provides that state funds that remain unused or encumbered by June 30, 2016, for the specified purposes will be unreserved and made available for any of the uses set out in GS 143-215.73F.

Deletes new Section 3.3, added to SL 1985-449, as amended, which provided for the additional use of occupancy taxes as designated by the Dare County Board of Commissioners for contributions to the Shallow Draft Navigation Channel Dredging and Lake Maintenance Fund.

Directs that $1 million of the funds appropriated to the Department of Commerce Job Catalyst Fund for the 2014-15 fiscal year be transferred to the Deep Draft Navigation Channel Dredging and Maintenance Fund (Deep Draft Fund) established in GS 143-215.73G within 10 days of the effective date of this act.

Deletes provisions from 1st edition which amended Section 6.1 of SL 2013-360, as amended. Deletes amendment to GS 143C-4-4 which provided for a reversion of any funds remaining in the Deep Draft Fund to be used for the purposes set forth in GS 143-215.73G.

Makes technical change to identify the Memoranda of Understanding in Section 3 of this act as a Memoranda of Agreement.

Adds a Part V to this act regarding the removal of navigational obstructions to restore the natural ecosystem of the mouth of the Cape Fear River and its environs and protect navigational safety. Requires adjusting the boundary for Zeke's Island as specified. Confers additional rule-making authority on the Coastal Resources Commission. Prescribes tasks to be done by the Department of Environment and Natural Resources (DENR) to accomplish the removal of navigational obstructions and reestablish the natural ecosystem at the mouth of the Cape Fear River. Provides that DENR may use funds from the Deep Draft Fund, established under GS 143-215.73G, as enacted in this act, to implement this section.

Adds a severability clause to provide that if any provisions of the proposed act or its application are held to be invalid, the invalidity does not affect other provisions or applications that can be given effect without the invalid provisions or applications.