Includes NCGA findings.
Enacts GS 136-44.41, creating the Special Economic Development Fund (Rail Fund) within the General Fund to be administered by the Division of Rail (Division). States the purpose of the Rail Fund is primarily for rail construction, rail improvements, industry rail connections, railcar and locomotive acquisition, and railyard construction. Permits using funds for project preparation. Requires money in the Rail Fund to be invested as required by GS 147-69.1 (Investments authorized for General Fund and Highway Funds assets), but pays interest on income received and accruing on the monthly balance of the Rail Fund into the Rail Fund. Describes sources, uses, and cost-sharing requirements of the Rail Fund, capping the annual allocations from the Fund that may be used for the State match on federal grant applications at 60%, and that may be used for project preparation uses at 30%. Directs the Division to establish procedures and criteria and adopt rules for allocating funds. Requires that the procedures include specified economic projections determined by the Department of Transportation (DOT) and award allocations to proposals with the greatest economic impact on the State, as determined by the Department of Commerce. Permits DOT to use up to 3% of the Rail Fund for administration of the Fund. Directs the Division to submit an initial report to the specified NCGA committees and division by March 1, 2026, and annually thereafter by December 1st, as specified. Appropriates $50 million from the General Fund to the Rail Fund.
Enacts GS 63-76, creating the Special Economic Development Fund for Airports (Airports Fund) within the General Fund to be administered by the Division of Aviation. States that the Airports Fund is to be used for airport capital improvements and to incentivize and retain economically strategic flights. Requires money in the Airports Fund to be invested as required by GS 147-69.1 (Investments authorized for General Fund and Highway Funds assets) but pays interest on income received and accruing on the monthly balance of the Airports Fund into the Airports Fund. Provides for Airports Fund sources, uses, and limitations, capping capital improvement uses at 80% of the Fund's annual allocations; uses for incentivizing and retaining economically strategic flights at 17% of the Fund's annual allocations; and airport safety improvement uses, subject to DOT's determination that the lack thereof is inhibiting economic growth, at up to 20% of the Fund's annual allocations. Requires allocations from the Airports Fund to not exceed 50% of the cost for airport improvements. Directs the Division to establish procedures and criteria and adopt rules for allocating funds. Requires the Division's procedures to include specified economic projections for projects determined by DOT and award Airports Fund allocations to proposals with the greatest economic impact to the State, as determined in consultation with the Department of Commerce. Authorizes up to 3% of the Airports Fund to be used for DOT's administration of the Fund. Requires the Division to submit an initial report to the specified NCGA committees and division by March 1, 2026, and annually thereafter by December 1st, as specified. Appropriates $100 million in nonrecurring funds from the General Fund to the Special Economic Development Fund for Airports.
Appropriates $30 million for 2025-26 from the General Fund to DOT to be allocated to the North Carolina Ports Authority for the construction of a roll-on-roll-off facility for the Port of Morehead City.
Effective July 1, 2025.