A BILL TO BE ENTITLED
AN ACT directing the department of transportation to remit certain liquidated damages proceeds to the yancey county/burnsville chamber of commerce.
The General Assembly of North Carolina enacts:
SECTION 1.  Remittance of Funds. – Notwithstanding any provision of law to the contrary, the Department of Transportation shall remit to the Yancey County/Burnsville Chamber of Commerce on a monthly basis an amount of funds equaling fifty percent (50%) of the total amount of liquidated damages proceeds collected in a month by the Department from a contractor for the contractor's failure to complete work in a timely manner on the project widening US Highway 19 East in Yancey County (STIP Project Number R‑2519). The Yancey County/Burnsville Chamber of Commerce shall use funds received under this section only for promoting travel and tourism in Yancey County. The Department shall remit the funds by no later than the first day of the month following the month in which the liquidated damages proceeds were collected by the Department. The funds remitted under this section shall be from funds appropriated from the Highway Trust Fund and allocated for the project described in this section. To the extent the funds described in this section are required to be appropriated, the funds are hereby appropriated for the purposes set forth in this section.
SECTION 2.  Effective Date. – This act is effective when it becomes law and applies to any liquidated damages proceeds collected on or after that date.