Bill Text: NC H1975 | 2010 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Exempt DOT Equity Funds/GARVEE Bonds

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Introduced - Dead) 2010-06-09 - Re-ref Com On Appropriations [H1975 Detail]

Download: North_Carolina-2010-H1975-Amended.html

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GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2009

H                                                                                                                                                    1

HOUSE BILL 1975

 

 

Short Title:        Exempt DOT Equity Funds/GARVEE Bonds.		(Public)
Sponsors:	Representatives Holliman;  Coates, Faison, and Steen.
Referred to:	Transportation, if favorable, Appropriations.

May 26, 2010

A BILL TO BE ENTITLED

AN ACT to exempt funds used to secure and repay GARVEE bonds from the equity formula.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 136‑17.2A is amended by adding a new subsection to read:

"(j)       Notwithstanding the provisions of subsection (i) of this section, all funds used in repayment of "GARVEE" bonds issued pursuant to G.S. 136‑189(12b) for Phase 1 of the Yadkin River Bridge Project shall not be subject to the provisions of this section."

SECTION 2.  This act becomes effective July 1, 2010.