AN ACT TO PROVIDE FOR DAMAGES WHEN FUNDS ARE NOT TRANSFERRED WITHIN REQUIRED TIME LINES BETWEEN LOCAL SCHOOL ADMINISTRATIVE UNITS AND CHARTER SCHOOLS.
Senate committee substitute makes the following changes to the 1st edition.
Amends GS 115C-218.105(e) to award court costs and attorneys' fees (was, attorneys' fees and costs) to the prevailing party in a dispute as to the timeline under which the funds should have been transferred between local school administrative units and charter schools. Also provides that the court is to award liquidated damages in an amount equal to 5% (was, a penalty of 5% of the monies that should have been transferred) of the monies that should have been transferred under subsection (c) of GS 115C-218.105 as compensation for administrative expenses incurred by the prevailing party due to the monies being unavailable. Directs the court to order that any delinquent funds, court costs, fees, liquidated damages (was, penalty, and interest) be paid to the prevailing party in equal installments within no more than one year from the entry of judgment.
Amends both the long and short title of this act.
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