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Laws of North Carolina (Last Updated: May 12, 2015) |
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Chapter136. Transportation. |
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Article6H. Public Toll Roads and Bridges |
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Part1. Turnpike Authority and Bridges |
§136-89.188. Use of revenues
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(a) Revenues derived from Turnpike Projects authorized under this Article shall be used only for the following:
(1) Authority administration costs.
(2) Turnpike Project development, right-of-way acquisition, design, construction, operation, maintenance, reconstruction, rehabilitation, and replacement.
(3) Debt service on the Authority's revenue bonds or related purposes such as the establishment of debt service reserve funds.
(4) Debt service, debt service reserve funds, and other financing costs related to any of the following:
a. A financing undertaken by a private entity under a partnership agreement with the entity for a Turnpike Project.
b. Private activity bonds issued under law related to a Turnpike Project.
c. Any federal or State loan, line of credit, or loan guarantee relating to a Turnpike Project.
(5) A return on investment of any private entity under a partnership agreement with the entity for a Turnpike Project.
(6) Any other uses granted to a private entity under a partnership agreement with the entity for a Turnpike Project.
(b) The Authority may use up to one hundred percent (100%) of the revenue derived from a Turnpike Project for debt service on the Authority's revenue bonds or for a combination of debt service and operation and maintenance expenses of the Turnpike Projects.
(c) The Authority shall use not more than five percent (5%) of total revenue derived from all Turnpike Projects for Authority administration costs.
(d) Notwithstanding the provisions of subsections (a) and (b) of this section, toll revenues generated from a converted segment of the State highway system previously planned for operation as a nontoll facility shall only be used for the funding or financing of the right of way acquisition, construction, expansion, operations, maintenance, and Authority administration costs associated with the converted segment or a contiguous toll facility.