GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2007
S 3
SENATE BILL 1352
Finance Committee Substitute Adopted 7/27/07
House Committee Substitute Favorable 8/2/07
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Short Title: Gap Funding for Turnpike Authority. |
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March 26, 2007
A BILL TO BE ENTITLED
AN ACT to provide gap funding for projects bonded by the north carolina turnpike authority.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 136‑89.191 reads as rewritten:
"§ 136‑89.191.
Cost participation by Department of Transportation.participation.
The Department of Transportation may participate in the cost of preconstruction activities, construction, maintenance, or operation of a Turnpike Project. In addition, there is annually appropriated from the General Fund to the Turnpike Authority the sum of twenty million dollars ($20,000,000) from nontax revenues. The Director of the Budget shall transfer one‑fourth of this amount to the Turnpike Authority on a quarterly basis. The transfer shall be made within 75 days after the end of each calendar quarter."
SECTION 2. The annual appropriation to the Turnpike Authority under G.S. 136‑89.191, as amended by this act, constitutes "revenues" of the Turnpike Authority for purposes of the State and Local Government Revenue Bond Act. The appropriation does not in any manner constitute a pledge of the faith and credit and taxing power of the State.
SECTION 3. Notwithstanding any provision of S.L. 2007‑323 to the contrary, the funds appropriated under G.S. 136‑89.191, as amended by this act, are appropriated for the 2007‑2008 and 2008‑2009 fiscal years. These appropriations reduce the amount of the unappropriated balance remaining in each fiscal year as reflected in Section 2.2 of S.L. 2007‑323, and the totals shall be adjusted accordingly.
SECTION 4. Sections 1 and 3 of this act become effective July 1, 2007. The remainder of this act is effective when it becomes law.