A BILL TO BE ENTITLED
AN ACT to allocate additional lottery proceeds for school capital projects, as recommended by the joint legislative study committee on public school funding formulas.
The General Assembly of North Carolina enacts:
SECTION 1.  Notwithstanding the provisions of G.S. 18C‑164(b), monies in the Education Lottery Reserve Fund shall be transferred to the Public School Building Capital Fund and allocated on the basis of average daily membership to local school administrative units that did not qualify for funding for the 2008‑2009 fiscal year pursuant to G.S. 115C‑546.2(d)(2). The maximum allocation shall be the amount received by other units pursuant to G.S. 115C‑546.2(d)(2) on the basis of per average daily membership. Any monies not needed for this purpose shall be transferred back to the Education Lottery Reserve Fund and may be appropriated only as provided in G.S. 115C‑546.2(e).
SECTION 2.  This act applies only to funds in the Education Lottery Reserve Fund for the 2008‑2009 fiscal year.
SECTION 3.  This act becomes effective July 1, 2008.