NC H422

Requires the Department of Transportation to report all federal rail fund projects to the Joint Legislative Commission on Governmental Operations or relevant legislative committees, including federal funds, state matching funds, and projected 25-year maintenance and operational costs.

Mandates consultation with legislative committees before accepting federal rail funds if state matching funds or annual maintenance and operational costs are reasonably expected to exceed $3,000,000, with a 90-day consultation period.

Requires General Assembly approval by act for federal rail projects where state matching funds or annual maintenance and operational costs exceed $5,000,000, but inaction for 60 days after consultation is deemed approval and permits fund acceptance.

Excludes pass-through funds from non-state sources from the definition of "state matching funds" and "annual maintenance and operational costs to the state."

Becomes effective April 1, 2011.