NC H364

Local governments may borrow money and issue grant anticipation notes to accelerate transportation projects identified as regional impact or division need projects under the State Transportation Improvement Program (STIP).

Notes must mature no later than 12 months after the first day of the calendar year following project completion, and renewals are not permitted for these STIP-related notes.

Local governments must enter into expedited project agreements with the Department of Transportation that include project identification, costs, timelines, funding sources, repayment plans, and contingency plans for unexpected events.

The Department of Transportation cannot amend or modify the STIP in ways that would delay repayment of grant anticipation notes issued by local governments under this authority.

The act requires the Department of Transportation and Department of the State Treasurer to develop procedures and adopt rules for implementing these expedited project agreements and notes.