GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

S	1 

SENATE BILL 1010

Short Title:  School of Arts.	(Public)

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Sponsors: Senators McDaniel, Horton, Cochrane, Carrington, Kincaid, Gulley, Foxx, Blackmon, Simpson, Winner, Lucas, and Carpenter.

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Referred to:  Appropriations

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May 4, 1995

A BILL TO BE ENTITLED
AN ACT TO PROVIDE THAT THE FACILITIES AND EQUIPMENT OF THE NORTH CAROLINA SCHOOL OF THE ARTS MAY BE LEASED TO A PRIVATE ENTITY AT A FAIR MARKET RATE AND THE LEASE REVENUE DEPOSITED INTO THE ENDOWMENT FUND FOR THE SCHOOL OF THE ARTS.
The General Assembly of North Carolina enacts:
Section 1.  Article 4 of Chapter 116 of the General Statutes is amended by adding a new section to read:
"§ 116-66.1.  Lease of school facilities and equipment.
Subject to the approval of the Chancellor and the Board of Trustees of the school, the school facilities and equipment may be leased to a private entity at a fair market rate.  The lease revenue shall be collected by the school and shall be deposited in the endowment fund created in accordance with G.S. 116-68."
Sec. 2.  This act becomes effective July 1, 1995.