136-89.188. Use of revenues.
(a) Revenues derived from a Turnpike Project authorized under this Article shall be used only for the following costs associated with the Project from which the revenue was derived or a contiguous toll facility:
(1) Authority administration costs.
(2) Development, right-of-way acquisition, design, construction, expansion, operation, maintenance, reconstruction, rehabilitation, and replacement costs.
(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 the Project.
b. Private activity bonds issued under law related to the Project.
c. Any federal or State loan, line of credit, or loan guarantee relating to the Project.
(5) A return on investment of any private entity under a partnership agreement with the entity for the Project.
(6) Any other uses granted to a private entity under a partnership agreement with the entity for the 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 Project.
(c) The Authority shall use not more than five percent (5%) of total revenue derived from all Turnpike Projects for Authority administration costs.
(d) Repealed by Session Laws 2018-5, s. 34.5(a), effective June 12, 2018. (2002-133, s. 1; 2006-228, s. 4; 2013-183, s. 5.4; 2018-5, s. 34.5(a).)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 6H - Public Toll Roads and Bridges.
§ 136-89.180 - Legislative findings.
§ 136-89.182 - North Carolina Turnpike Authority.
§ 136-89.183 - Powers of the Authority.
§ 136-89.183A - Accelerated Pilot Toll Bridge Project.
§ 136-89.183B - Accelerated Herbert CBonner Bridge Replacement Project.
§ 136-89.183C - Accelerated Yadkin River Veterans Memorial Bridge Replacement Project.
§ 136-89.184 - Acquisition of real property.
§ 136-89.185 - Taxation of property of Authority.
§ 136-89.187 - Conversion of free highways prohibited.
§ 136-89.188 - Use of revenues.
§ 136-89.189 - Turnpike Authority revenue bonds.
§ 136-89.190 - Sale of Turnpike Authority revenue bonds.
§ 136-89.191 - Cost participation by Department of Transportation.
§ 136-89.192 - Applicability of formula.
§ 136-89.193 - Annual plan of work; annual and quarterly reports.
§ 136-89.194 - Laws applicable to the Authority; exceptions.
§ 136-89.195 - Internet report of funds expended.
§ 136-89.196 - Removal of tolls.
§ 136-89.197 - Maintenance of nontoll routes.
§ 136-89.198 - Authority to toll existing interstate highways.
§ 136-89.199 - Designation of high-occupancy toll and managed lanes.
§ 136-89.211 - Tolls for use of Turnpike project.
§ 136-89.212 - Payment of toll required for use of Turnpike project.
§ 136-89.213 - Administration of tolls and requirements for open road tolls.
§ 136-89.214 - Bill for unpaid open road toll.
§ 136-89.216 - Civil penalty for failure to pay open road toll.
§ 136-89.217 - Vehicle registration renewal blocked for unpaid open road toll.
§ 136-89.218 - Procedures for contesting liability for unpaid open road toll.