19A NCAC 06B .0417. REPAYMENT

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(a) If within five years the project tracks are abandoned, relocated, or sold without the consent of the Department, the track owner shall repay the Department the state's contribution to the cost of construction and materials.

(b) The Grantee may also be required to repay the Department if:

(1) During the first five years rail use falls below the goal levels specified in the industry certification;

(2) Job goals (as specified in the industry certification) for the first two years are not met.

History Note: Authority G.S. 136-44.36; 143B-350(f) and (g);

Eff. April 30, 1997;

Amended Eff. April 1, 1999.

                    
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