H97 - 2015 Appropriations Act, Sec. 29.23A: Use of Proceeds Generated from Shipyard (SL 2015-241)

Overview: Sec. 29.23A of S.L. 2015-241 amends the statutes that authorize the Department of Transportation (DOT) to establish and maintain ferries to allow the North Carolina State Shipyard to use proceeds generated from activities at the Shipyard for improvements to the Shipyard. In addition, DOT may use a proportional amount of the proceeds credited to the various reserve accounts for each of the Highway Divisions to replace or repair equipment in the Shipyard if there is an insufficient amount of proceeds generated from activities at the Shipyard.

This section became effective July 1, 2015.