Authorizes local governments to borrow for transportation projects funded by the State Transportation Improvement Program.

This bill allows local governments in North Carolina to borrow money to accelerate transportation projects funded by the State Transportation Improvement Program (STIP). It authorizes the issuance of grant anticipation notes, which are payable solely from the grant funds. The bill sets limits on the amount of notes that can be issued and requires a certificate from the finance officer. It also mandates that the Department of Transportation develop procedures for expedited project agreements and ensures that any changes to the STIP do not delay repayment of these notes.

Authorizes local governments to borrow for transportation projects funded by the State Transportation Improvement Program.

This bill allows local governments in North Carolina to borrow money to accelerate transportation projects funded by the State Transportation Improvement Program (STIP). It authorizes the issuance of grant anticipation notes, which are payable solely from the grant funds. The bill sets limits on the amount of notes that can be issued and requires a certificate from the finance officer. It also mandates that the Department of Transportation develop procedures for expedited project agreements and ensures that any changes to the STIP do not delay repayment of these notes.