A BILL TO BE ENTITLED
AN ACT to remove certain projects from the list of Turnpike authority projects; to Transfer the funding to the Mobility Fund; and to prevent the expenditure of any further state funds on those projects.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 136‑89.183(a) reads as rewritten:
"§ 136‑89.183.  Powers of the Authority.
(a)	The Authority shall have all of the powers necessary to execute the provisions of this Article, including the following:
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(2)	To study, plan, develop, and undertake preliminary design work on up to five Turnpike Projects. At the conclusion of these activities, the Turnpike Authority is authorized to design, establish, purchase, construct, operate, and maintain the following projects:
a.	Triangle Expressway, including segments also known as N.C. 540, Triangle Parkway, Western Wake Freeway in Wake and Durham Counties, and Southeast Extension in Wake and Johnston Counties, except that no portion of the Southeast Extension shall be located north of an existing protected corridor established by the Department of Transportation circa 1995, except in the area of Interstate 40 East.
	c.	Monroe Connector/Bypass.
		
…."
SECTION 2.  G.S. 136‑176(b2) reads as rewritten:
"(b2)	There is annually appropriated to the North Carolina Turnpike Authority from the Highway Trust Fund the sum of forty‑nine million dollars ($49,000,000). Of the amount allocated by this subsection, twenty‑five million dollars ($25,000,000) shall be used to pay debt service or related financing costs and expenses on revenue bonds or notes issued for the construction of the Triangle Expressway, and twenty‑four million dollars ($24,000,000) shall be used to pay debt service or related financing expenses on revenue bonds or notes issued for the construction of the Monroe Connector/Bypass. The amounts appropriated to the Authority pursuant to this subsection shall be used by the Authority to pay debt service or related financing costs and expenses on revenue bonds or notes issued by the Authority to finance the costs of one or more Turnpike Projects, to refund such bonds or notes, or to fund debt service reserves, operating reserves, and similar reserves in connection therewith. The appropriations established by this subsection constitute an agreement by the State to pay the funds appropriated hereby 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 the appropriations made in this subsection at any time to decrease or eliminate the amount annually appropriated to the Authority. Funds transferred from the Highway Trust Fund to the Authority pursuant to this subsection are not subject to the equity formula in G.S. 136‑17.2A."
SECTION 3.  G.S. 105‑187.9 reads as rewritten:
"§ 105‑187.9.  Disposition of tax proceeds.
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(c)	Mobility Fund Transfer. – In each fiscal year, the State Treasurer shall transfer one hundred twenty‑one million dollars ($121,000,000) from the taxes deposited in the Trust Fund to the Mobility Fund. The transfer of funds authorized by this section may be made by transferring one‑fourth of the amount at the end of each quarter in the fiscal year or by transferring the full amount annually on July 1 of each fiscal year, subject to the availability of revenue."
SECTION 4.  This act becomes effective July 1, 2013.