Amends GS 115C-530, which authorizes local school units to enter into operational leases. Changes the term “operational” to “operating” throughout the statute. Adds a requirement for the local board of education, before it enters into an operating lease, to adopt a resolution upon 10 days' notice of its intent to enter into the lease. Specifies that the resolution must state that the operating lease is in the local school administrative unit’s best interests under all the circumstances, and that the private developer is qualified to provide the products and services called for under the lease and any related agreements. Provides that an operating lease entered into under GS 115C-530 is not subject to the requirements for “Design-build bridging” contracts under GS 143-128.1B.

 Removes the July 1, 2015, expiration of GS 115C-531 and GS 115C-532, which authorize capital leases of school buildings and facilities. 

Amends GS 105-164.14, which authorizes annual refunds of sales and use taxes indirectly incurred by a government entity on public construction projects. New language extends the refund to “a private developer of a school leased to a county or a local board of education under an operating, capital, or build-to-suit lease” with a term of 10 or more years. Amends GS 115C-426(f) to specify that the capital outlay fund includes appropriations for lease payments for operating leases and capital leases entered into under GS 115C-530 and GS 115C-531, and to provide that these appropriations may be funded from staff and operational savings achieved through the consolidation of existing school facilities into new or renovated facilities leased from a private developer under these statutes.

Effective July 1, 2015.