RALEIGH, N.C., June 19, 2018 /PRNewswire-USNewswire/ -- Carolinas AGC (CAGC) was part of a team of industry advocates that lobbied for Build NC - legislation that would accelerate local and regional road-building projects in North Carolina by authorizing up to $3 billion in debt over the next ten years. Last week, the legislation received final approval from lawmakers, and now awaits a signature from North Carolina Governor Roy Cooper. The bill overwhelmingly passed the House and Senate representing a rare moment of bipartisanship between the executive and legislative branches.
According to CAGC lobbyist Berry Jenkins, the passage of this legislation is testimony to the credibility NCDOT Secretary Jim Trogdon has with the General Assembly and the advocacy efforts of the various construction and engineering organizations that help deliver the North Carolina Transportation program necessary to respond to the state's anticipated growth.
The North Carolina Department of Transportation (NCDOT) asked the Republican-controlled General Assembly to permit the issuance of up to $300 million annually in what's called "special indebtedness" from 2019 through 2028. This borrowing is not subject to a voter referendum and could commit the state to additional debt payments until the early 2040s.
Any debt, issued by the state treasurer and subject to the approval of the Council of State, would be repaid through dedicated transportation revenues—particularly state gasoline taxes and vehicle sales taxes and Division of Motor Vehicles fees. The borrowing is similar to "GARVEE bonds" that North Carolina already issues and are backed by anticipated funds from the state's share of the federal gasoline tax.
NCDOT has said "Build NC Bond" legislation would help road construction spending remain at its current high levels into the 2020s, resulting in tens of thousands of jobs. Proceeds would go to local and regional projects that have received high grades on the state's 10-year rolling transportation blueprint. The measure would also give legislators time to ultimately locate new transportation funding sources.
Carolinas AGC is the construction industry association in the Carolinas, bringing value to our thousands of members through networking, government relations, job leads, meetings with owners/designers, education and training involving such issues as safety and open shop, and community development. Visit us at www.cagc.org, connect with us on Twitter, Facebook, YouTube, and LinkedIn.
For more information contact CAGC's NC Government Relations & Highway Director Berry Jenkins at [email protected] or (704) 372-1450 ext. 5723.
SOURCE Carolinas AGC