{"data":{"id":"us-nc/n.c.-gen.-stat.-142-97","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 142-97","heading":"(Expires December 31, 2031 - see note) Additional provisions with respect to Build NC Bonds.","body":"The following requirements and limitations apply to the issuance and sale of Build NC Bonds:\n(1)\tSubject to appropriation by the General Assembly, funds from the Highway Trust Fund shall be the source for repayment of special indebtedness resulting from the sale of Build NC Bonds.\n(2)\tThe State Treasurer shall not issue any Build NC Bonds unless (i) the State Treasurer recommends the issuance of the Build NC Bonds and (ii) the State Treasurer has made a determination that all of the following requirements have been or shall be met:\na.\tRepealed by Session Laws 2024-15, s. 10(a), effective June 27, 2024.\nb.\tThe total amount of Build NC Bonds outstanding after such issuance will not cause the recommended transportation debt target established by the Debt Affordability Advisory Committee in accordance with G.S. 142-101 to be exceeded.\nc.\tAt least six months prior to the expected date of the Build NC Bond issuance, the Department of Transportation:\n1.\tConsulted with the State Treasurer about the proposed Build NC Bond issuance.\n2.\tConsulted with the Joint Legislative Transportation Oversight Committee and the Joint Legislative Commission on Governmental Operations to provide details of the proposed issuance, including (i) the total amount of the Build NC Bonds that will be issued, (ii) the estimated amount of the debt service payments, and (iii) the estimated amount of debt capacity that would be remaining after the issuance.\n(3)\tExcept as otherwise provided in subdivision (7) of this section, the total amount of special indebtedness from the issuance of Build NC Bonds shall not exceed three billion dollars ($3,000,000,000).\n(4)\tExcept as otherwise provided in subdivision (7) of this section, each individual issuance of Build NC Bonds is limited to no more than three hundred million dollars ($300,000,000) in each fiscal year.\n(5)\tThe Department of Transportation may not use the proceeds realized from the sale of Build NC Bonds for a nonhighway project or a project utilizing tolling pursuant to the authority set forth in subdivision (39) or (39a) of G.S. 136-18.\n(6)\tFor purposes of satisfying the requirements of G.S. 142-15.17, Build NC Projects constitute projects as to which the General Assembly has enacted legislation expressly approving the use of a State-supported financing arrangement.\n(7)\tThe restrictions set forth in subdivisions (3) and (4) of this section do not apply to Build NC Bonds that are refunding bonds meeting the requirements set forth in G.S. 142-29.5.\n(8)\tThe provisions of G.S. 142-83 do not apply to Build NC Bonds, nor shall Build NC Bonds be counted for the purposes of that section in limiting the issuance of other debt.\n(9)\tThe provisions of subsection (e) of G.S. 142-84 do not apply to Build NC Bonds. (2018-16, s. 4; 2024-15, ss. 9, 10(a)-(c).)","path":["Chapter 142. State Debt.","Article 9. State Capital Facilities Finance Act."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_142/GS_142-97.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:22:27Z","sha256":"6bc04c47d5c7fcee3b25b9e98b836c2ef3020256f40da6bbad8f1121e010fc6a","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-142-96","next":"us-nc/n.c.-gen.-stat.-142-98"},"notice":"GroundRules: Original legal text. Not legal advice."}