A BILL TO BE ENTITLED
AN ACT to authorize the North Carolina TUrnpike Authority to issue bonds secured in whole or in part by appropriations to the Authority from the state of North Carolina.
The General Assembly of North Carolina enacts:
SECTION 1.  Chapter 136 of the General Statutes is amended by adding a new section to read:
"§ 136‑89.188A.  State funds used for debt service on bonds issued by the authority.
Of funds appropriated to the Authority pursuant to the Executive Budget Act, the Authority may use the funds to:
(1)	Pay capital costs of Turnpike Projects undertaken by the Authority.
(2)	Pay operating and maintenance expenses with respect to such Turnpike Projects including operating and maintenance expenses associated with the operation of the Turnpike Projects as toll facilities.
(3)	Pay debt service on revenue bonds issued by the Authority to finance the costs of one or more Turnpike Projects.
The General Assembly hereby acknowledges that the undertaking by the Authority of the construction of Turnpike Projects will result in the construction and use of those transportation facilities many years in advance of when such construction and use would otherwise occur, and that the financing of the Turnpike Projects in whole or in part from bonds to be paid from user tolls will greatly reduce the amount of traditional highway funding sources necessary to construct the Turnpike Projects.
Any appropriations to the Authority shall constitute an agreement by the State to pay the funds to the Authority within the meaning of G.S. 159‑81(4). Notwithstanding the foregoing, it is the intention of the General Assembly that the enactment of this provision and the issuance of bonds or notes by the Authority in reliance thereon shall not in any manner constitute a pledge of the faith and credit and taxing power of the State, and nothing contained herein shall prohibit the General Assembly from amending its appropriations at any time to decrease or eliminate the amount annually appropriated to the Authority."
SECTION 2.  This act is effective when it becomes law.