Amends GS 115C-489.6(a) concerning the allocation of proceeds from the Qualified Zone Academy Bond (QZAB) program in North Carolina by the State Board of Education (SBE), by requiring that any conditions placed on distributing the State's allocation of QZAB funds must ensure that the bond proceeds are only used for purposes listed in 26 U.S.C. Sec. 54E, federal law establishing the QZAB program (was, bond proceeds could only be used for rehabilitating or repairing a public school facility, including infrastructure improvements related to providing technology and for equipment related to the rehabilitation or repair of that facility). Further adds language requiring the allocation of QZAB proceeds be prioritized so that proceeds are first used in counties having greater economic distress, as determined pursuant to GS 143B-437.08 (Development Tier Designation). Directs the SBE to create an application process to collect information necessary to accomplish the prioritization and efficient use of the bond proceeds. 

Effective when bill becomes law, applying to bond proceeds used on or after that date. 

Provides that the SBE can expedite consideration of use of bond proceeds pursuant to this act without a formal application process for bond proceeds that will become unavailable after December 31, 2016, provided that the SBE otherwise uses best efforts to ensure proceeds are prioritized in accordance with the provisions of this act.