STIP Grant Anticipation Notes.

This bill allows North Carolina local governments to borrow money to accelerate transportation projects already identified for funding under the State Transportation Improvement Program (STIP). Local governments can issue "grant anticipation notes" to cover project costs before receiving state funds, but notes must mature within 12 months after the project's scheduled completion year (no renewals allowed). Borrowing is capped at the full project cost, requires a special agreement with the DOT outlining project details and repayment plans, and must be repaid solely from state grant funds - without using local tax revenue or pledging the government's credit. The bill also ensures STIP program changes won't delay repayment of these notes.