§ 136-89.188. Use of revenues. - North Carolina Statutes

§ 136‑89.188.  Use ofrevenues.

(a)        Revenues derivedfrom Turnpike Projects authorized under this Article shall be used only forAuthority administration costs; Turnpike Project development, right‑of‑wayacquisition, construction, operation, and maintenance; and debt service on theAuthority's revenue bonds or related purposes such as the establishment of debtservice reserve funds.

(b)        The Authority mayuse up to one hundred percent (100%) of the revenue derived from a TurnpikeProject for debt service on the Authority's revenue bonds or for a combinationof debt service and operation and maintenance expenses of the TurnpikeProjects.

(c)        The Authority shalluse not more than five percent (5%) of total revenue derived from all TurnpikeProjects for Authority administration costs.

(d)        Notwithstanding theprovisions of subsections (a) and (b) of this section, toll revenues generatedfrom a converted segment of the State highway system previously planned foroperation as a nontoll facility shall only be used for the funding or financingof the right‑of‑way acquisition, construction, expansion,operations, maintenance, and Authority administration costs associated with theconverted segment or a contiguous toll facility. (2002‑133, s. 1; 2006‑228,s. 4.)