AN ACT TO ENACT THE EDUCATION BOND ACT OF 2019.
House committee substitute makes the following changes to the 1st edition.
Makes technical corrections to subsection (2) of Section 1(e) of the act, which sets out special allocation provisions for determining the use of the proceeds of education bonds and notes. Now correctly refers to sub-sub-subdivision a.3. regarding local matching requirements for certain counties receiving grants from the proceeds of education bonds and notes allocated for the purpose of paying the cost of public school capital outlay projects and repairs and renovations. Makes further internal reference corrections in sub-sub-subdivision a.3.
Amends the special allocation provisions for the use of the proceeds of education bonds and notes for paying the costs of capital outlay projects and repairs and renovations for community colleges set out in Section 1(e), subsection(2), sub-sub-subdivision c.3. Modifies the components the Community College System Office must use to prioritize between community college projects for which bond proceeds are allocated, to include the development factor ranking by the Secretary of Commerce pursuant to GS 143B-437.08 for identification of the development tier of the county in which the project is located (previously included the county wealth rank of the county in which the main campus is located; maintains the single weight to be given to this component in the System's ranking).
Amends the call for an election to be held in November of 2020 on the question of the issuance of the $1.9 billion of bonds. Instead calls for the election to be held at the time of the election in 2020 when voters are given the opportunity to express their presidential candidate preference of their political party. Makes a technical correction to reference the State Board of Elections. Makes conforming changes.
Makes clarifying and technical changes to the reporting requirements of each constituent institution of UNC and each community college which receives the proceeds of education bonds and notes, as specified.
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