§ 136-16.6. Continuing rail appropriations. - North Carolina Statutes

§136‑16.6.  Continuing rail appropriations.

(a)        There is annuallycredited to the Highway Fund one hundred percent (100%) of the annual dividendsreceived by the State from its ownership of stock in the North CarolinaRailroad Company for use by the Department of Transportation for railroadpurposes.

(b)        The Department ofTransportation shall include in its annual budget the purposes for which theannual dividends received by the State from its ownership of stock in the NorthCarolina Railroad Company will be used.

These purposes may include thefollowing project types to be included in the annual Transportation ImprovementProgram:

(1)        Track and signalimprovements for passenger service.

(2)        Rail passengerstations and multimodal transportation centers.

(3)        Grade crossingprotection, elimination, and hazard removal.

(4)        Rail rolling stockcars and locomotives.

(5)        Rail rehabilitation.

(6)        Industrial railaccess.

The Department ofTransportation shall use these funds to supplement but not supplant funds allocatedfor projects approved as part of the Transportation Improvement Program.

(c)        There is annuallyappropriated to the Department of Transportation for railroad purposes,including capital contributions to the Beaufort and Morehead Railroad Companyor any successor company, one hundred percent (100%) of the funds credited tothe Highway Fund pursuant to subsection (a) of this section. (1987,c. 738, s. 170(a), (c); 1989, c. 500, s. 53; 1991, c. 689, s. 65; 1995, c. 324,s. 18.2; 1996, 2nd Ex. Sess., c. 18, s. 19.12; 1997‑443, s. 32.30(f).)