A BILL TO BE ENTITLED
AN ACT to AUTHORIZE the department of TRANSPORTATION to issue "garvee" Grant Anticipation revenue VEHICLE bonds and to direct the SECRETARY OF The Department of Transportation and the State TREASURER to DEVELOP an implementation plan for ISSUANCE of the bonds.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 136‑18 is amended by adding a new subdivision to read:
"(12b)	To issue "GARVEE" bonds (Grant Anticipation Revenue Vehicles) or other eligible debt financing instruments to finance Federal-aid projects using federal funds to pay a portion of principal, interest, and related bond issuance costs, as authorized by 23 U.S.C. § 122, as amended (the National Highway System Designation Act of 1995, Pub. L. 104-59). The State Treasurer shall develop and adopt appropriate debt instruments, as authorized by the State and Local Government Revenue Bond Act, Article 5 of Chapter 159 of the General Statutes, for use under this subdivision."
SECTION 2.  The Secretary of the Department of Transportation and the State Treasurer shall jointly form a committee to develop a plan to implement the provisions of this act. The plan shall address all financial, legal, and practical issues involved in issuing "GARVEE" bonds. The plan shall also include any projects the Department of Transportation proposes to fund with "GARVEE" bonds. The two Departments shall jointly submit their implementation plan to the cochairs of the Transportation Appropriations Subcommittee, and the cochairs of the Joint Legislative Transportation Oversight Committee by March 1, 2005.
SECTION 3.  Section 1 of this act becomes effective July 1, 2005. The remainder of this act is effective when it becomes law.