NC H220

Establishes the State Infrastructure Bank under the Department of Transportation to provide loans and financial assistance to governmental units and toll authorities for transportation and aviation projects using federal and state funds.

Allows the bank to require repayment with security pledged from facility revenues, other revenue sources, or governmental unit faith and credit, and authorizes application of municipalities' allocated transportation funds toward loan repayment.

Creates the State Infrastructure Bank Oversight Board consisting of five voting members: the Secretaries of Transportation and Commerce, the State Treasurer, State Auditor, and State Budget Officer to review and approve all proposed loans.

Requires the board to meet at least every six months, develop guidelines for loan approval, and submit quarterly reports to the Joint Legislative Commission on Governmental Operations and the Joint Legislative Transportation Oversight Committee.

Effective July 1, 2017, for all loans and financial assistance applied for on or after that date.