Governor Cooper Signs Build NC Act into Law to Improve Transportation Infrastructure Statewide
NCDOT has accelerated 350 highway projects across the state and made room for 144 more projects in the current state transportation plan
North Carolina Governor Roy Cooper signed the Build NC Bond Act of 2018 into law this week. Build NC is a new financing tool sought by Cooper's administration to help expedite critical highway projects across the state.
"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," said Governor Cooper. "Build NC is a bipartisan effort that pulled Republicans and Democrats together to help deliver critical transportation projects to communities more quickly, helping North Carolina attract opportunities and stay competitive."
350 Highway Projects Accelerated
Under Cooper's direction, the North Carolina Department of Transportation (NCDOT) has accelerated 350 highway projects and made room for an additional 144 projects in the current 2018-2027 state transportation plan.
NCDOT pushed for Build NC as an added tool to expedite more transportation 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."
$300 Million in Annual Bonds Available
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.