GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2009

H                                                                                                                                                   2

HOUSE BILL 1975

Committee Substitute Favorable 6/9/10

Short Title:        Exempt DOT Equity Funds/GARVEE Bonds.	(Public)
Sponsors:
Referred to:

May 26, 2010

A BILL TO BE ENTITLED

AN ACT to exempt funds used to secure and repay GARVEE bonds from the equity formula.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 136-17.2A is amended by adding a new subsection to read:

"(j) Notwithstanding the provisions of subsection (i) of this section, all funds used in repayment of "GARVEE" bonds issued pursuant to G.S. 136-18(12b) for Phase 1 of the Yadkin River Bridge Project shall not be subject to the provisions of this section."

SECTION 2.  This act becomes effective July 1, 2010.