RALEIGH, N.C. (AP) - A method to accelerate local and regional road-building projects in North Carolina by authorizing up to $3 billion in debt has made it through the General Assembly.
The legislation that permits the borrowing is heading to Democratic Gov. Roy Cooper's desk following Tuesday's House vote. Cooper is expected to sign the bill, which passed the Senate last week.
Cooper's transportation department asked the Republican-led General Assembly to permit the issuance of what's called "special indebtedness." The borrowing is not subject to a voter referendum and could commit the state to additional debt payments over the next 25 years. It would be repaid through dedicated transportation taxes and DMV fees.
Rep. John Torbett says the bill will keep road-building levels stable while lawmakers ultimately locate new revenue sources.
Road-building debt bill approved by N Carolina legislature
A method to accelerate local and regional road-building projects in North Carolina by authorizing up to $3 billion in debt has made it through the General Assembly.
