Road debt authority gets unanimous Senate approval
RALEIGH, N.C. (AP) — North Carolina’s road-building agency could benefit from up to $3 billion in debt to complete more projects faster in a bill getting bipartisan support in one General Assembly chamber.
The Senate voted unanimously Wednesday for authorizing the borrowing for the next 10 years and repaying it with projected revenues already being designated for road construction. The “special indebtedness” doesn’t require a voter referendum before it could be issued.
Gov. Roy Cooper’s Department of Transportation said last fall it would seek the debt so that the current uptick in road building can be extended once current cash balances soon dwindle. Borrowing would be capped at $300 million annually and couldn’t happen if the state’s self-imposed transportation debt limits are exceeded.
An identical bill is working its way through the House.