Bill Text: NC S1206 | 2010 | Regular Session | Amended
Bill Title: Gap Funding for Cape Fear Skyway Bridge
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-05-19 - Ref To Com On Appropriations/Base Budget [S1206 Detail]
Download: North_Carolina-2010-S1206-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009
S 1
SENATE BILL 1206*
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Short Title: Gap Funding for Cape Fear Skyway Bridge. |
(Public) |
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Sponsors: |
Senator Boseman. |
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Referred to: |
Appropriations/Base Budget. |
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May 19, 2010
A BILL TO BE ENTITLED
AN ACT to provide gap funding for the cape fear skyway bridge.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105‑187.9(b) reads as rewritten:
"(b) Transfer. – In each fiscal year the State Treasurer shall transfer the amounts provided below from the taxes deposited in the Trust Fund to the General Fund. The transfer of funds authorized by this section may be made by transferring one‑fourth of the amount at the end of each quarter in the fiscal year or by transferring the full amount annually on July 1 of each fiscal year, subject to the availability of revenue.
(1) The sum of seventy‑one million dollars
($71,000,000).twenty‑two million dollars ($22,000,000).
(2) In addition to the amount transferred under subdivision (1) of this subsection, the sum of one million seven hundred thousand dollars ($1,700,000) shall be transferred in the 2001‑2002 fiscal year. The amount distributed under this subdivision shall increase in the 2002‑2003 fiscal year to the sum of two million four hundred thousand dollars ($2,400,000). In each fiscal year thereafter, the sum transferred under this subdivision shall be the amount distributed in the previous fiscal year plus or minus a percentage of this sum equal to the percentage by which tax collections under this Article increased or decreased for the most recent 12‑month period for which data are available."
SECTION 2. G.S. 136‑176(b2) reads as rewritten:
"(b2) There is annually appropriated to the North
Carolina Turnpike Authority from the Highway Trust Fund the sum of ninety‑nine
million dollars ($99,000,000). of one hundred forty‑eight million
dollars ($148,000,000). Of the amount allocated by this subsection, twenty‑five
million dollars ($25,000,000) shall be used to pay debt service or related
financing costs and expenses on revenue bonds or notes issued for the
construction of the Triangle Expressway, twenty‑four million dollars
($24,000,000) shall be used to pay debt service or related financing expenses
on revenue bonds or notes issued for the construction of the Monroe
Connector/Bypass, fifteen million dollars ($15,000,000) shall be used to pay
debt service or related financing expenses on revenue bonds or notes issued for
the construction of the Mid‑Currituck Bridge, and thirty‑five
million dollars ($35,000,000) shall be used to pay debt service or related
financing expenses on revenue bonds or notes issued for the construction of the
Garden Parkway. Parkway, and forty million dollars ($49,000,000)
shall be used to pay debt service or related financing expenses on revenue
bonds or notes issued for the construction of the Cape Fear Skyway Bridge. The
amounts appropriated to the Authority pursuant to this subsection shall be used
by the Authority to pay debt service or related financing costs and expenses on
revenue bonds or notes issued by the Authority to finance the costs of one or
more Turnpike Projects, to refund such bonds or notes, or to fund debt service
reserves, operating reserves, and similar reserves in connection therewith. The
appropriations established by this subsection constitute an agreement by the
State to pay the funds appropriated hereby to the Authority within the meaning
of G.S. 159‑81(4). Notwithstanding the foregoing, it is the
intention of the General Assembly that the enactment of this provision and the
issuance of bonds or notes by the Authority in reliance thereon shall not in
any manner constitute a pledge of the faith and credit and taxing power of the
State, and nothing contained herein shall prohibit the General Assembly from
amending the appropriations made in this subsection at any time to decrease or
eliminate the amount annually appropriated to the Authority. Funds transferred
from the Highway Trust Fund to the Authority pursuant to this subsection are not
subject to the equity formula in G.S. 136‑17.2A."
SECTION 3. This act becomes effective July 1, 2010.
