Legislation in the North Carolina General Assembly would allow the state to borrow $700 million in bond money on highway improvements, according to local media.

Under the proposal, backed by Gov. Mike Easley and the state Transportation Department, the state would use $630 million to repair or improve existing roads, The News & Observer reported. Pubic transit systems would get $70 million.

Voters approved borrowing the money in 1996 to speed up construction of urban loops or widen two-lane highways, but the bonds were never sold.

HB48 was approved by the House May 1 and has been sent to the Senate Appropriations Committee.