2005 North Carolina Code - General Statutes § 124-5.1. State use of North Carolina Railroad dividends.

§ 124‑5.1.  State use of North Carolina Railroad dividends.

(a)       Notwithstanding the provisions of G.S. 136‑16.6, in order to increase the capital of the North Carolina Railroad Company, any dividends of the North Carolina Railroad Company received by the State shall be applied to reduce the obligations described in subsection (c) of Section 32.30 of S.L. 1997‑443, as amended by subsection (d) of Section 27.11 of S.L. 1999‑237. Any dividends of the North Carolina Railroad Company received by the State shall be used by the Department of Transportation for the improvement of the property of the North Carolina Railroad Company as recommended and approved by the Board of Directors of the North Carolina Railroad Company. The improvements may include the following project types:

(1)       Railroad and industrial track rehabilitation.

(2)       Railroad signal and grade crossing protection.

(3)       Bridge improvements.

(4)       Corridor protection.

(5)       Industrial site acquisition.

(b)       Effective January 1, 2000, interest shall not be accrued or otherwise charged on the remaining balance of the obligations described in subsection (c) of Section 32.30 of S.L. 1997‑443, as amended by subsection (d) of Section 27.11 of S.L. 1999‑237. Interest accrued on those obligations relating to periods prior to January 1, 2000, shall be deemed paid and contributed by the State to the capital of the North Carolina Railroad Company. (2000‑67, s. 7.2(a); 2005‑276, s. 28.7.)