Enacts GS 143B-472.130, establishing the State Infrastructure Bank Board (Board) an independent entity within the Department of Commerce. Directs the Board to establish, administer, and receive federal funds for a State infrastructure bank (bank) authorized by specified federal laws. Allows receipt and administration of State and private funds through the bank for transportation projects, water and sewer projects, and other infrastructure projects. Provides for the Board's application, receipt, and administration of federal financial assistance to fund the bank.

Authorizes the Board to provide loans and financial assistance to governmental units, including toll authorities, in the following manner: (1) federal funds, State funds, and private funds for financing the costs of transportation projects, including aviation projects; and (2) State funds and private funds for financing the costs of water and sewer projects and other infrastructure projects. Establishes conditions and repayment obligations for loans and other financial assistance provided under the statute. Provides for accounting of funds and specifies that federal funds do not revert and accrue interest and other investment income to be used for the purposes specified. Grants the Board rulemaking authority. Bars the Board from modifying the statutory Transportation Investment Strategy formula. Requires cooperation with the Division of Water Infrastructure and State Water Infrastructure Authority with respect to water and sewer projects. 

Directs the State Treasurer to develop and adopt debt instruments with the assistance of the Local Government Commission and directs the Local Government Commission to develop and adopt procedures for the delivery of debt instruments to the State without any public bidding. 

Details require Board review and approval for all proposed loans and other financial assistance to applicants, with a more limited review and approval required by the Local Government Commission for certain proposed loans as described.

Deems loans under the statute outstanding debt under Article 10, GS Chapter 159 (Assistance for Defaulting Units in Refinancing Debt).

Enacts GS 143B-472.131, listing the six members of the Board. Provides for member terms and compensation, Board officers, and Board meetings. Directs the Board to adopt rules for reviewing and approving loans and other financial assistance. Requires publication on the Board or Department's website. Establishes quarterly reporting requirements to the specified NCGA committee.

Repeals GS 136-18(12a), which grants the Department of Transportation the powers and duties relating to the establishment, administration, and receipt of federal funds for a transportation infrastructure banking program. Directs that the State infrastructure bank established by this subdivision be transferred to the Board.

Includes funds held by the bank with those the State Treasurer are authorized to invest under GS 147-69.2.

Applies to loans and other financial assistance applied for on or after July 1, 2025.