Last Updated on June 22, 2018 8:11 am
GREENSBORO – North Carolina Governor Roy Cooper this week signed into law the Build NC Bond Act of 2018, a new financing tool to help expedite critical highway projects.
“For families trying to get to work and school faster, for farmers and business owners seeking to get their goods to customers, and for CEOs looking to grow in North Carolina, transportation is essential,” Gov. Cooper said. “Build NC will help deliver critical transportation projects to communities more quickly, helping North Carolina attract opportunities and stay competitive.”
Under Gov. Cooper’s direction, the N.C. Department of Transportation has accelerated 350 highway projects and made room for an additional 144 projects in the current 2018-2027 transportation plan. Build NC gives NCDOT an added tool to expedite more infrastructure projects for quicker delivery.
“Transportation is the backbone of our state’s economic competitiveness and our quality of life,” said Transportation Secretary Jim Trogdon. “Build NC is a tool that will allow us to continue strong project delivery.”
Build NC will only be used if NCDOT is able to maintain its strong project delivery pace, which increases expenditures and decreases its cash balance. If that balance reaches a certain level, the department can ask the state treasurer to issue up to $300 million in bonds annually over the next 10 years to maintain project delivery at current levels.
Build NC bonds will be applied to projects consistent with the Strategic Transportation Investments Law that requires projects be selected through a data-driven scoring process. These are projects in the regional and division tiers.
Repayment of any bonds sold will come from within the state Highway Trust Fund, not the General Fund.