Build NC Bonds David Wasserman July 2018

Build NC Bonds Project Advancements

Changes Between the 2018-2027 Draft STIP & Final STIP Build NC Bonds Changes Between the 2018-2027 Draft STIP & Final STIP Accelerated Project New Project

Addressing Balance – Accelerating Delivery Build NC Bonds Addressing Balance – Accelerating Delivery Cash Balance Closing Target Floor Cash Management Plan of Action

Build NC Bonds Overview Modeled after GARVEE Maintains integrity of STI Have appropriate oversight Affordability will be determined by the State Treasurer Utilized in the Regional and Division categories SL 2018-16 (S758)

Build NC Bonds Key Components If cash balance reaches ≤$1B, NCDOT could request to sell bonds Max $300M per year; authority up to 10 years NC Treasurer determines if appropriate and issues the debt All debt would be against future State revenue (motor fuels, DMV fees, highway use tax) Paid back by the Highway Trust Fund

Build NC Bonds Key Components Used on Regional Impact & Division Needs hwy projects only Maximum Amounts ($3B overall): Region ($1.5B) – % of state population Division ($1.5B) – equal share ($107M over 10 yrs) Allows NCDOT to maintain current level of investment Used to maintain current near-term schedules, accelerate projects, and go further down Prioritization list Projects cash-flowed up to 15 years Interest included in payback A - $127M E - $310M B - $181M F - $168M C - $331M G - $131M D - $251M ($ over 10 yrs)

Prioritization Office (SPOT) / STIP Western Region Manager Contact Information & David Wasserman, P.E. Prioritization Office (SPOT) / STIP Western Region Manager (919) 707-4743 dswasserman@ncdot.gov https://www.ncdot.gov/sti