§ 124-5.1. State use of North Carolina Railroad dividends. - North Carolina Statutes

§ 124‑5.1.  State use ofNorth Carolina Railroad dividends.

(a)        Notwithstanding theprovisions of G.S. 136‑16.6, in order to increase the capital of theNorth Carolina Railroad Company, any dividends of the North Carolina RailroadCompany received by the State shall be applied to reduce the obligationsdescribed in subsection (c) of Section 32.30 of S.L. 1997‑443, as amendedby subsection (d) of Section 27.11 of S.L. 1999‑237. Any dividends of theNorth Carolina Railroad Company received by the State shall be used by theDepartment of Transportation for the improvement of the property of the NorthCarolina Railroad Company as recommended and approved by the Board of Directorsof the North Carolina Railroad Company. The improvements may include thefollowing project types:

(1)        Railroad andindustrial track rehabilitation.

(2)        Railroad signal andgrade crossing protection.

(3)        Bridge improvements.

(4)        Corridor protection.

(5)        Industrial siteacquisition.

(b)        Effective January1, 2000, interest shall not be accrued or otherwise charged on the remainingbalance of the obligations described in subsection (c) of Section 32.30 of S.L.1997‑443, as amended by subsection (d) of Section 27.11 of S.L. 1999‑237.Interest accrued on those obligations relating to periods prior to January 1,2000, shall be deemed paid and contributed by the State to the capital of theNorth Carolina Railroad Company. (2000‑67, s. 7.2(a); 2005‑276, s. 28.7.)