North Carolina § 136-89 - 188. Use of revenues.

§ 136-89. 188. Use of revenues.

Revenues derived from a Turnpike Project authorized under this Article shall be used only for the following costs associated with the Project from which the revenue was derived or a contiguous toll facility: Authority administration costs. Development, right-of-way acquisition, design, construction, expansion, operation, maintenance, reconstruction, rehabilitation, and replacement costs. Debt service on the Authority's revenue bonds or related purposes such as the establishment of debt service reserve funds. Debt service, debt service reserve funds, and other financing costs related to any of the following: A financing undertaken by a private entity under a partnership agreement with the entity for the Project. Private activity bonds issued under law related to the Project. Any federal or State loan, line of credit, or loan guarantee relating to the Project. A return on investment of any private entity under a partnership agreement with the entity for the Project. Any other uses granted to a private entity under a partnership agreement with the entity for the Project. The Authority may use up to one hundred percent (100%) of the revenue derived from a Turnpike Project for debt service on the Authority's revenue bonds or for a combination of debt service and operation and maintenance expenses of the Project. The Authority shall use not more than five percent (5%) of total revenue derived from all Turnpike Projects for Authority administration costs. Repealed by Session Laws 2018-5, s. 34.5(a), effective June 12, 2018. History (2002-133, s. 1; 2006-228, s. 4; 2013-183, s. 5.4; 2013-360, s. 34.30; 2018-5, s. 34.5(a).) Editor's Note. - Session Laws 2018-5, s. 34.5(d), made the amendment of this section by Session Laws 2018-5, s. 34.5(a), effective June 12, 2018, and applicable to revenues derived on or after that date. Session Laws 2018-5, s. 1.1, provides: "This act shall be known as the 'Current Operations Appropriations Act of 2018.'" Session Laws 2018-5, s. 39.7, is a severability clause. Effect of Amendments. - Session Laws 2006-228, s. 4, effective August 10, 2006, added subsection (d). Session Laws 2013-183, s. 5.4, effective July 1, 2013, rewrote subsection (a). Session Laws 2018-5, s. 34.5(a), in subsection (a), substituted "a Turnpike Project" for "Turnpike Projects" near the beginning, and added "costs associated with the Project from which the revenue was derived or a contiguous toll facility" at the end; in subdivision (a)(2), substituted "Development" for "Turnpike Project development", and inserted "expansion" and "costs"; in subdivision (a)(4), substituted "the Project" for "a Turnpike Project" throughout; in subsection (b), substituted "the Project" for "the Turnpike Projects"; and deleted former subsection (d), which read: "(d) Notwithstanding the provisions of subsections (a) and (b) of this section, toll revenues generated from a converted segment of the State highway system previously planned for operation as a nontoll facility shall only be used for the funding or financing of the right of way acquisition, construction, expansion, operations, maintenance, and Authority administration costs associated with the converted segment or a contiguous toll facility." For effective date and applicability, see editor's note.