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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 11-43-168 SO AS TO ESTABLISH THE INTERSTATE LANE EXPANSION FUND TO INCREASE THE NUMBER OF LANES ON EXISTING MAINLINE INTERSTATES AND TO PROVIDE THE MANNER IN WHICH THE SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK SELECTS ELIGIBLE PROJECTS; AND TO AMEND SECTION 56-3-627, RELATING TO THE INFRASTRUCTURE MAINTENANCE FEE, SO AS TO CREDIT A PORTION OF THE FEE TO THE INTERSTATE LANE EXPANSION FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 1, Chapter 43, Title 11 of the 1976 Code is amended by adding:
"Section 11-43-168. (A) There is established the Interstate Lane Expansion Fund. The fund must be used solely by the bank to finance, through the issuance of revenue bonds issued pursuant to Article 3, the construction of increased number of lanes on mainline interstates that exist on July 1, 2019, and any rehabilitation required to accomplish the increased number of lanes. The fund may not be used to construct new interstates. The fund may not be used for projects approved by the bank before July 1, 2019.
(B) The bank shall determine which projects are eligible projects and then select from among the eligible projects those qualified to receive financial assistance from the bank. In selecting eligible projects, the bank must consider the projected feasibility of the project and the amount and degree of risk to be assumed by the bank. The bank also must consider the maximum statewide economic benefit, enhancement of mobility, enhancement of public safety, acceleration of project completion, and enhancement of transportation services of the project. The bank may request the assistance of the South Carolina Department of Transportation in recommending or selecting eligible projects. Nothing in this section may be construed to mean that the bank is bound by the recommendations or selections of the department."
SECTION 2. Section 56-3-627(E)(1) of the 1976 Code is amended to read:
"(1)(a) The Department of Motor Vehicles shall transfer eighty percent two-thirds of every fee collected on motor vehicles pursuant to subsections (B) and (C), but not to exceed two hundred forty dollars, to the Department of Transportation to be allocated to the state-funded resurfacing program. The Department of Transportation shall develop and implement a needs-based methodology to distribute revenue within the state-funded resurfacing program, which shall include consideration of pavement condition on a county-by-county basis, to ensure that each county in the State is guaranteed funding for resurfacing.
(b) The Department of Motor Vehicles shall transfer twenty percent of every fee collected on motor vehicles pursuant to subsections (B) and (C), but not to exceed sixty dollars, to the South Carolina Education Improvement Act of 1984 Fund.
(c) After transferring the funds required by subitems (a) and (b), the Department of Motor Vehicles shall transfer any remaining funds resulting from the fee collected on motor vehicles pursuant to subsection (B) and (C) to the Interstate Lane Expansion Fund."
SECTION 3. This act takes effect July 1, 2019.
This web page was last updated on December 12, 2018 at 1:55 PM