The bill prohibits adding tolls to roads already built but allows tolls to be placed on specially designated new roads.
Nine members will be appointed to the N.C. Turnpike Authority, and members will select a chairman from among themselves.
The Senate president pro tem and the House speaker will each appoint two members, and Gov. Mike Easley will appoint four. N.C. Secretary of Transportation Lyndo Tippett will be the ninth member.
Under the law, three potential areas will be studied and roads will be constructed based on those studies.
Three preliminary studies also would be undertaken to examine the feasibility of construction in other areas.
The bill states that one project must be in a county with 650,000 people or more and another has to be in one or more counties with less than 650,000 people.
The N.C. Department of Transportation will use its resources to help construct the roads.
Although Cole said it is too early to make definite predictions, he said the first prospect for a toll road could be a strip of Interstate-85 going southeast across the Catawba River.
The toll road would stretch from Gastonia to I-485, Charlotte's Outerbelt, Cole said.