NC S172

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

STIP grant anticipation notes must mature no later than 12 months after the first day of the calendar year following scheduled project completion, and renewals are prohibited

Local governments must enter into expedited project agreements with the Department of Transportation that include Local Government Commission approval, project identification, cost, timeline, funding sources, repayment plans, and contingency plans for delays or cost overruns

Grant anticipation notes are special obligations payable solely from grant funds, with no pledge of the issuing unit's credit or taxing power

The Department of Transportation must ensure STIP amendments or modifications do not delay repayment of these grant anticipation notes to local governments