NC S29

Establishes enhanced oversight of the North Carolina Railroad Company through expanded board appointments (13 members: 7 by Governor, 3 by House Speaker, 3 by Senate President Pro Tempore) and requires strategic and capital investment plans with performance management systems.

Requires the NC Railroad Company to submit comprehensive annual reports to the General Assembly including strategic plans, property lists, director compensation, business operations, and anticipated dividends for three fiscal years.

Mandates a one-time cash dividend of $15,500,000 to the Highway Fund's Freight Rail & Rail Crossing Safety Improvement Account by June 30, 2013, and establishes annual cash dividends equal to 25% of trackage rights agreement income beginning January 1, 2014.

Requires transfer of 14 identified noncorridor real properties from the NC Railroad Company to the State by June 30, 2013; the State will sell these properties and deposit proceeds into the Freight Rail & Rail Crossing Safety Improvement Account.

Redirects railroad dividends from reducing prior obligations to funding rail infrastructure improvements, grade crossing safety, signalization, and industrial/port facility access projects through the Highway Fund.