North Carolina S862 allows local governments to borrow for State Transportation Improvement Program projects.

North Carolina S862 amends state law to authorize local governments to borrow money for State Transportation Improvement Program projects. The bill allows local governments to issue grant anticipation notes to finance these projects, with funds either repaying the notes or flowing back to the local government. The notes cannot exceed 90% of the grant commitment amount. The bill also mandates that the Department of Transportation develop procedures for expedited project agreements and adopt necessary rules.

North Carolina S862 allows local governments to borrow for State Transportation Improvement Program projects.

North Carolina S862 amends state law to authorize local governments to borrow money for State Transportation Improvement Program projects. The bill allows local governments to issue grant anticipation notes to finance these projects, with funds either repaying the notes or flowing back to the local government. The notes cannot exceed 90% of the grant commitment amount. The bill also mandates that the Department of Transportation develop procedures for expedited project agreements and adopt necessary rules.