Submits to the voters of the state at the election held in November 2016 the question of the reallocation of $490 million of issued State of North Carolina Public Improvement Bonds from the University of North Carolina allocated for projects as determined by the UNC Board of Governors to transportation projects listed as the next-highest-scoring Strategic Mobility-funded category under GS 136-189.11 that are shovel-ready, so long as the aggregate amount of the allocation does not exceed the sum reallocated. If a majority of those voting on the bond question in the election vote in favor of the reallocation of the bonds, then those bonds will be allocated as provided above; if a majority votes no, then no reallocation will take place. Provides that absentee ballots are authorized for the election and will be available 50 days prior to the date of the election. Requires the results of the election to be certified by the State Board of Elections to the Secretary of State.