AN ACT TO PROVIDE ADDITIONAL FLEXIBILITY TO LOCAL BOARDS OF EDUCATION TO ENTER INTO LEASES FOR SCHOOL BUILDINGS AND SCHOOL FACILITIES AND TO REQUIRE THE STATE BOARD OF EDUCATION TO MAKE FAST‑TRACK CHARTER SCHOOL REPLICATION DECISIONS WITHIN ONE HUNDRED TWENTY DAYS.
Senate committee substitute makes the following changes to the 2nd edition.
Amends proposed GS 115C-531.1, concerning capital leases of school buildings and school facilities, to define capital lease to mean a capital lease as it is defined by generally accepted accounting principles (previously, a capital lease as it is defined by generally accepted accounting principles, regardless of how the parties describe the agreement).
Amends GS 105-164.14(c), which authorizes annual refunds of sales and use taxes indirectly incurred by a government entity on public construction projects, to extend the refund to a county with respect to facilities for public schools under a lease term with a term that equals or exceeds 10 years and that is either an operating, capital, or build-to-suit lease.
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