The state House of Representatives approved the Build N.C. Bond Act of 2018 on Tuesday to accelerate investments in transportation infrastructure projects across North Carolina.
Senate Bill 758 Build N.C. Bond Act of 2018 provides the state Department of Transportation (DOT) a new financing mechanism to invest up to $300 million each year over the next ten years to speed up the completion of vital projects, many in rural North Carolina.
“This new approach to funding transportation projects will accelerate the seamless movement of people, goods, and services to create jobs and attract industry to North Carolina.”Rep. John Torbett (R-Gaston)
The Build N.C. funds would be repaid using revenues from the state’s Highway Trust Fund.
“Build N.C. is another important step to get politics out of highway funding and address the strain put on our infrastructure by a rapidly growing population. As our state’s population expands, shifts, and diversifies, North Carolina remains committed to an objective transportation formula that provides transparency and increases economic development opportunities.”Rep. Frank Iler (R-Brunswick)
The financing mechanisms in the legislation require prior approval of the state treasurer and contains safeguards to protect taxpayers, preserve transparency, and ensure accountability in transportation infrastructure investments.
The legislation requires investments in infrastructure projects for which there is the greatest need based on the data-driven formula in the State Transportation Improvement Program (STIP).
“Improving connectivity in North Carolina’s infrastructure systems is essential to our long-term economic success. Build N.C. and the Strategic Transportation Investments law are models for reaching consensus and investing in projects that will improve citizens’ quality of life. Through smarter spending on transportation investments, the state General Assembly has made highways, railroads, ports and airports – the arteries of commerce in North Carolina – more accessible and of higher quality for taxpayers and businesses.”Speaker Tim Moore (R-Cleveland)