Bill > H364

This bill authorizes local governments in North Carolina to borrow money through grant anticipation notes to accelerate transportation projects identified in the State Transportation Improvement Program (STIP), with specific new provisions for regional impact or division need projects. Under the new rules, local governments can issue notes in anticipation of state or federal grant funding, with strict requirements including obtaining approval from the Local Government Commission and entering into an expedited project agreement with the Department of Transportation. The agreement must detail project identification, costs, timelines, funding sources, revenue forecasts, repayment plans, and contingency measures. These notes are special obligations that cannot pledge the local government's credit or taxing power, and they must not exceed the identified grant funding for the specific project. The bill also requires the Department of Transportation to ensure that any amendments to the STIP will not delay repayment of these notes and mandates that the department develop procedures and rules for implementing these new grant anticipation note provisions. The Department of the State Treasurer is also required to adopt complementary rules to support the bill's objectives.

Budget and Finance, Government Affairs, Transportation and Infrastructure

https://www.ncleg.gov/BillLookUp/2025/H364