CHARLOTTE, N.C. (June 6, 2016) – On Thursday, the South Carolina General Assembly ratified S.1258, the road funding bond bill. The bill is currently awaiting the Governor’s signature to be signed into law. Though the state’s long-term recurring needs still need to be addressed, AAA Carolinas commends the legislature for passing the bill, which is an important step for the safety of South Carolina motorists.
“The safety of Carolina motorists is one of our foremost goals, and we encourage Governor Haley to sign S.1258 into law to help address South Carolina’s crumbling roads and bridges,” said AAA Carolinas President and CEO Dave Parsons.
The proposed legislation would allocate additional funding for SCDOT from DMV fees andvehiclesales tax revenues. This additional funding will generate roughly $200 million per year, which will be used by SCDOT to leverage about $2.2 billion in bonds through the Transportation Infrastructure Bank.
Much of the bond proceeds will be used on interstate projects that have already beenidentifiedand wouldhave otherwise been built on a pay-as-you-go basis over the next ten years. This will free up highway funds over ten years for resurfacing and bridge replacements. To read the entire bill, click here.
AAA Carolinas, an affiliate of the American Automobile Association, is a not-for-profit organization that serves more than 1.9 million members and the public with travel, automobile and insurance services while being an advocate for the safety and security of all travelers?.Connect with AAA Carolinas on Facebook at www.facebook.com/AAAcarolinas and follow us on Twitter at @AAAcarolinas.