A BILL TO BE ENTITLED
AN ACT to appropriate funds for a grant program to renovate former school buildings for use by lower income communities.
The General Assembly of North Carolina enacts:
SECTION 1.  There is established the School Renovation/Community Center Fund as a special, interest‑bearing, and nonreverting fund in the Office of the Governor.  The Fund shall be treated as a special trust fund and shall be credited with interest by the State Treasurer pursuant to G.S. 147‑69.2 and G.S. 147‑69.3. The Fund shall be eligible to receive State and federal funding.
The purpose of the School Renovation/Community Center Fund is to provide grant funds to renovate existing buildings that are in low‑income areas and that were once used as schools or other community buildings but are now vacant or are used for storage. The renovated buildings may then be used by the local government as community and recreation centers. The Office of the Governor shall award grants from the Fund based on criteria adopted by the Governor and consistent with the provisions of this act.
SECTION 2.  There is appropriated from the General Fund to the School Renovation/Community Center Fund in the Office of the Governor the sum of one million dollars ($1,000,000) for the 2007‑2008 fiscal year to administer the Fund pursuant to this act.
SECTION 3.  This act becomes effective July 1, 2007.