Amends GS 115C-47 to authorize local school boards to contract for sale of advertising space on the sides of school buses and directs that proceeds be used by superintendents to pay bonuses to exemplary teachers. Prohibits ads for tobacco or alcohol products and ads containing political advocacy or religious content. Requires prior approval of ads by school board. Specifies that ads must not impede effectiveness of safety equipment. Effective beginning with the 2011-12 school year.