HB 364 — State Transportation Improvement Program (STIP) Grant Anticipation Notes.

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2025 H 21 HOUSE BILL 364 Committee Substitute Favorable 4/16/25 Short Title:

Representatives Winslow, Chesser, Tyson, and Paré (Primary Sponsors).

For a complete list of sponsors, refer to the North Carolina General Assembly web site.

State and Local Government, if favorable, Finance, if favorable, Rules, Calendar, and Operations of the House March 12, 2025 A BILL TO BE ENTITLED AN ACT TO AUTHORIZE A LOCAL GOVERNMENT TO BORROW MONEY FOR THE PURPOSE OF ACCELERATING A LOCAL TRANSPORTATION PROJECT THAT IS IDENTIFIED FOR FUNDING UNDER THE STATE TRANSPORTATION IMPROVEMENT PROGRAM (STIP).

(a1) A unit of local government is authorized to borrow money for the purpose of paying appropriations made for a capital project identified for funding as a State Transportation Improvement (STI) regional impact or division need project under Article 14B of Chapter 136 of the General Statutes (STIP project) in anticipation of the receipt of grantsuch fundingfundingfrom from the State or the United States or anyanyagencies agencies of either and to issue its negotiable notes in evidence thereof.

Prior to borrowing moneyundermoney under this subsection,section, the unit of local government shall enter into an expedited project agreement with the Department of Transportation in accordance with G.S.

(4) A provision including, and requiring compliance with, the project plan as set out in the agreement, including the time line, whether the project is in development or delivery period, project phase, current expected completion *H364-v-1* General Assembly Of North Carolina Session 2025 date, accelerated completion date using funds authorized under this subsection,section, and a requirement that the project be administered accordingly.

*H364-v-2* General Assembly Of North Carolina Session 2025 (5) Funding expected, source of funding, revenue forecasts that support funding assumptions, and expected final installment funding date.

(b1) No grant anticipation note under subsection (a1) of this section may be issued if the amount thereof, together with the amount of all other notes authorized or issued in anticipation of the same grant funding,commitment, exceeds the amount of funding identified for the STIP project.

"This note and all other grant anticipation notes of (issuing unit) authorized or outstanding as of (date) and issued or to be issued in anticipation of (describe grant)grant commitment) amount to not more than the unpaid amount of said grant."grant commitment." No grant anticipation note shall be valid without this certificate.

159-171(a1) and (b1), as enacted by Section 1 of this act, and the amendment or modification of the State Transportation Improvement Page 2 House Bill 364-First Edition General Assembly Of North Carolina Session 2025 Program project under Section 2 of this act.

The Department of the Treasurer, in consultation with the Department ofTransportation,of Transportation, shall adopt rules as necessarythatnecessary that are consistent with the purposes of Section 1 of this act and Article 94 of Chapter 159 of the General Statutes.

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