Amends Section 5.3 of SL 2017-57, as amended, by increasing the cap on the grant amount for recipients of grants from the Needs-Based Public School Capital Fund when the recipient is a county designated as a development tier two area, from $1 to $2 for every $1 in grant funds provided by the county. Expands the allowable uses of grant funds to include school building repairs and renovations in addition to the already allowed construction of new school buildings. Adds that a county designated as a development tier two area that was awarded a grant of $10 million in 2020 and that was subsequently designated as a development tier one area, is eligible for a grant as a tier one area so long as the county did not use the funds previously awarded. Amends the conditions under which a county may use grant funds for lease agreements, as follows: (1) deletes the requirement that the agreement include a repairs and maintenance provision that required the landlord to pay for specified expenses for the term of the lease and (2) requires the lease agreement to be for a term of at least 15 and more than 40 (was, no more than 25) years. Adds that a county designated as a development tier three area with a population not exceeding 400,000 is eligible for grant funds so long as they are used for a lease agreement that meets the specified requirements; caps the grant amount at $10 million and includes a matching requirement of $1 for every $1 of grant funds.
Amends GS 115C-546.2 to allow a county to use funds from the Public School Building Capital Fund for lease agreements to construct new school facilities if the agreement meets the following requirements: (1) requires the county to retain ownership of the subject property on which the leased school is constructed, (2) requires the lease to be for a term of at least 15 years and no more than 40 years, and (3) requires the county to provide a copy of the lease agreement to the Department of Public Instruction.
Bill Summaries: S521 (2021)
Bill S 521 (2021-2022)Summary date: Apr 6 2021 - View summary
Bill S 521 (2021-2022)Summary date: Apr 5 2021 - View summary
To be summarized.