§ 143C-8-11. Reversion of appropriation and lapse of project authorization. - North Carolina Statutes

§ 143C‑8‑11. Reversion of appropriation and lapse of project authorization.

(a)        Reversion ofAppropriation. – A State agency shall begin the planning of or the constructionof an authorized capital improvement project during the fiscal year in whichthe funds are appropriated. If it does not, the Director may credit theappropriation to the Project Reserve Account, unless otherwise required by law.If the Director does not credit the appropriation to the Project ReserveAccount, the appropriation shall revert to the principal fund from which it wasappropriated. The Director may, for good cause, allow a State agency to take upto an additional 12 months to take the actions required by this subsection.

(b)        Lapse of ProjectAuthorization. – Authorizations for capital improvement projects shall lapse ifany of the following occur: (i) the appropriation for a capital improvementproject reverts, (ii) the construction of a project does not begin during thefirst two fiscal years in which funds are appropriated, or (iii) the Directorredirects funds appropriated for a capital improvement project in accordancewith G.S. 143C‑6‑2. The Director may, for good cause, allow a Stateagency to take up to an additional 12 months to begin construction of aproject; however, if the Director approves an extension of time under thissubsection and construction of the project has not begun by the end of theextension, the authorization for the project shall lapse. (2006‑203, s. 3.)