RALEIGH -- Some key House Republicans are behind a proposal to set aside several hundred million dollars annually for North Carolina capital improvements they say will help reduce state debt more quickly, increase construction and pay for more projects with cash only.

Budget-writer Rep. Dean Arp of Monroe and Deputy Majority Leader Stephen Ross of Burlington unveiled legislation Thursday they contend will result in an additional $3 billion in capital and infrastructure over the next 10 years.

The bill directs some of that money to grants for public school and community college construction. 

The measure would require an amount equal to 4 percent of state government tax revenues be placed annually into a dedicated fund.

As an example, that would equate to around $900 million when using projected current-year revenues.