Highway chief wants new debt type to keep up project pace - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Highway chief wants new debt type to keep up project pace

RALEIGH, N.C. (AP) - North Carolina Gov. Roy Cooper's transportation chief wants the legislature to permit a new category of debt to help the state keep spending hundreds of millions of dollars more annually on pending projects on its construction blueprint.

Transportation Secretary Jim Trogdon unveiled at a House transportation committee Monday more details of an idea he floated last fall and now calls "Build NC."

Trogdon asked that legislators approve this spring a way to issue highway bonds based on expectations of future state transportation revenues repaying them. It's similar to GARVEE bonds the state already issues based on anticipated federal highway dollars from Washington.

Trogdon says a new debt vehicle would help the Department of Transportation keep its current construction pace going through the early 2020s as its current cash balances dwindle.

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