Directs the State Board of Education (SBE) to allot state funds on the basis of one local school administrative unit (LEA) per county. Requires the SBE to change allotment formulas as necessary and as specified. Details provisions for LEAs located in more than one county and for counties containing more than one LEA. Specifies that the act does not apply to allotments to the Nash-Rocky Mount, Edgecombe County, Cleveland County, or the Gaston County school administrative units. Effective July 1, 2011.