GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009
H 1
HOUSE BILL 1975
Short Title: Exempt DOT Equity Funds/GARVEE Bonds. |
(Public) |
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Sponsors: |
Representatives Holliman; Coates, Faison, and Steen. |
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Referred to: |
Transportation, if favorable, Appropriations. |
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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.