A BILL TO BE ENTITLED AN ACT PROVIDING FOR THE ALLOCATION OF LOTTERY PROCEEDS FOR PUBLIC SCHOOLS ON A POINT OF SALE BASIS.
Repeals GS 115C-546.2(d), which deals with how monies transferred into the Public School Building Capital Fund should be allocated.
Amends GS 18C-164(Transfer of net revenues), deleting GS 18C-164(c)(1), dealing with the distribution of remaining net revenue of the Education Lottery Fund for class size reduction. Provides that the remaining net revenue of the Education Lottery Fund, after transferring the required 5% to the Education Lottery Reserve Fund, will be distributed in a manner where a sum equal to 90% will go to the county school fund of each county on the basis of the point of sale of lottery tickets. These funds will be used to support public schools and will be allocated to local school administrative units on a per average daily membership average in relation to the average daily membership for the budget years as determined by the State Board of Education.
Amends GS 18C-164(e), deleting GS 18C-164(e)(1) and (2), which deals with the transfer and priority of monies from the Education Lottery Reserve Fund. Provides that if funds from the Education Lottery Reserve Fund are insufficient for a full appropriation, the Governor will transfer 50% of the available funds to provide financial aid for needy students to attend college and the other 50% of available funds to the county school fund of each county to be allocated and spent in accordance with this section. If net revenues exceed the amounts to be appropriated, then 50% of the excess revenues will be transferred to the county school fund of each county and 50% to the State Educational Assistance Authority.
Effective July 1, 2013, applying to funds transferred to the Education Lottery Fund on or after that date.
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