A BILL TO BE ENTITLED
AN ACT TO IMPLEMENT the NORTH CAROLINA MOVING AHEAD transportation INITIATIVE BY ALLOWING CASH BALANCES IN THE HIGHWAY TRUST FUND TO BE USED TO MEET CRUCIAL TRANSPORTATION NEEDS and to reaffirm the intent of the general assembly that proceeds from the issuance of bonds under authority of the State HIGHWAY bond act of 1996 shall be used for the purposes stated in that act, and for no other purpose.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 136‑176 is amended by adding a new subsection to read:
"(a3)	The Department may obligate three hundred million dollars ($300,000,000) in fiscal year 2003-2004 and four hundred million dollars ($400,000,000) in fiscal year 2004-2005 of the cash balance of the Highway Trust Fund for the following purposes. Projects selected for funding pursuant to this subsection shall be based on identified and documented need:
(1)	Six hundred thirty million dollars ($630,000,000) for highway system preservation, modernization, and maintenance; signs, signals, and traffic control devices; and resurfacing of roadways.
(2)	Seventy million dollars ($70,000,000) for regional public transit systems, rural and urban public transportation system facilities, regional transportation and air quality initiatives, rail system track improvements and equipment, and other ferry, bicycle, and pedestrian improvements."
SECTION 2.  G.S. 136‑176 is amended by adding a new subsection to read:
"(a4)	The Department shall report to the Joint Legislative Transportation Oversight Committee, on or before September 1, 2003, on its intended use of funds pursuant to subsection (a3) of this section. The Department shall report to the Joint Transportation Appropriations Subcommittee, on or before May 1, 2004, on its actual current and intended future use of funds pursuant to subsection (a3) of this section. The Department shall certify to the Joint Legislative Transportation Oversight Committee each year, on or before November 1, that use of the Highway Trust Fund cash balances for the purposes listed in subsection (a3) of this section will not adversely affect the delivery schedule of any Highway Trust Fund projects. If the Department cannot certify that the full amounts authorized in subsection (a3) of this section are available, then the Department shall determine the amount that can be used without adversely affecting the delivery schedule and shall proportionately apply that amount to the purposes set forth in subsection (a3) of this section."
SECTION 3.  The General Assembly reaffirms its intent that the proceeds of the issuance of any bonds pursuant to the Highway Bond Act of 1996, Chapter 590 of the 1995 Session Laws, shall be used only for the purposes stated in that act, and for no other purpose.
SECTION 4.  This act becomes effective July 1, 2003.