MCLEANSVILLE, N.C. (AP) - Democratic Gov. Roy Cooper says a method for borrowing up to $3 billion to keep North Carolina road building robust for the next several years is a good example of both major parties working together to help the state’s economy.
Cooper signed into law Wednesday the “Build NC Bond Act” at a Department of Transportation maintenance yard in Guilford County.
The law authorizes the issuance of up to $300 million annually through 2028. The debt isn’t subject to statewide voter approval in a referendum, but the bill passed the Republican-controlled House and Senate by wide margins earlier this month.
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The debt would be repaid through dedicated transportation revenues and is similar to borrowing North Carolina already does based on anticipated funds from the state’s share of the federal gasoline tax.
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