NC S637

Authorizes local governments to borrow money through grant anticipation notes to accelerate transportation projects identified for State Transportation Improvement Program (STIP) funding.

Notes issued for STIP projects must mature no later than 12 months after the first day of the calendar year following the year the project is scheduled to be completed, with no renewal allowed.

Local governments must enter into an expedited project agreement with the Department of Transportation that includes project identification, cost, timeline, funding sources, repayment plan, and contingency plans before borrowing.

Grant anticipation notes cannot exceed the amount of funding identified for the STIP project and are special obligations payable solely from grant funds, with no pledge of local government credit or taxing power.

Department of Transportation must ensure amendments to the State Transportation Improvement Program do not cause delays in repayment of grant anticipation notes issued to local governments under this authorization.