A BILL TO BE ENTITLED
AN ACT to enact the education recovery act of 2007.
The General Assembly of North Carolina enacts:
SECTION 1.  This act shall be known as "The Education Recovery Act of 2007".
SECTION 2.(a)  The State Board of Education shall develop a framework for an Education Recovery Pilot Program.  The purpose of the Education Recovery Pilot Program is to provide a financial incentive to students to improve their academic performance.
Under the pilot program, every student will be given one thousand dollars ($1,000) at the beginning of each school year from grade one through grade 12.  The money will be placed in an investment account managed by the Office of the State Treasurer.  The students may use the money only for postsecondary education.
To retain the full one thousand dollars ($1,000), the student and the student's parent or guardian will have to meet academic, disciplinary, attendance, character, and other goals. Failure to meet the goals will result in the forfeiture of funds.
Upon graduation, the student will have a maximum of twelve thousand dollars ($12,000) plus interest to help pay for higher education.
Students who enter the teaching profession and remain in North Carolina to teach will receive a bonus.
SECTION 2.(b)  The State Board of Education shall develop a process through which local school administrative units may apply to participate in the pilot program, which will be limited to five units for the 2008‑2009 fiscal year. 
SECTION 2.(c)  The Board shall deliver a draft proposed framework to the Joint Legislative Education Oversight Committee by October 15, 2007, and a final proposal to the same committee by December 15, 2007.
SECTION 3.  It is the intent of the General Assembly to provide funds for the 2008‑2009 fiscal year to implement the Education Recovery Pilot Program.
SECTION 4.  This act is effective when it becomes law.