§ 143C-8-10. Project Reserve Account. - North Carolina Statutes

§ 143C‑8‑10. Project Reserve Account.

(a)        Project ReserveAccount. – There is established a Project Reserve Account. When a constructioncontract is entered for a capital improvement project for which the GeneralAssembly has enacted an appropriation, the appropriation is encumbered for theproject's costs of real property acquisition, planning, design, sitedevelopment, construction, contingencies, and other related costs. If theamount appropriated for the project exceeds the amount encumbered, the excessshall be credited to the Project Reserve Account, unless otherwise required bylaw. The Director may authorize funds in the Account to be used for any of thefollowing:

(1)        An emergency repairand renovation project at a State facility.

(2)        The award of aproject contract when bids for the contract exceed the amount appropriated forit if the project was designed within the scope intended by the appropriationand if the Director finds that all means to award the contract within theappropriation were reasonably attempted.

(3)        A reversion to theprincipal fund from which revenue was appropriated for a project when theamount encumbered for the project is less than the amount appropriated.

(b)        ReportingRequirement. – Whenever the Director authorizes the use of funds from theProject Reserve Account, the Director shall report the action to the JointLegislative Commission on Governmental Operations at its next meeting. (2006‑203, s. 3; 2007‑117,s. 6.)