NC H1077

Authorizes the Department of Transportation to enter into public-private partnership agreements under a pilot program for transportation infrastructure projects, specifically those eligible for Mobility Fund financing with a Request for Qualifications issued by June 30, 2012.

Requires private entities to provide performance and payment security in forms acceptable to the Department, which may include bonds, letters of credit, parent guaranties, or other instruments.

Allows private entities to assign, transfer, or convey their rights in the partnership agreement to lenders or other parties, but prohibits creating additional state debt or debt-like obligations.

Grants the Department authority to fix, revise, charge, and collect tolls and fees, with the option to assign this authority to the private entity.

Permits the Department to act as a conduit issuer for private activity bonds to finance the pilot project, governed by The State and Local Government Revenue Bond Act, without creating state debt obligations.