Repeals SL 1983-134, which established the Buncombe School Capital Fund Commission. Effective January 1, 2017.

Creates the School Capital Fund Commission (Commission) for Buncombe County. Establishes that the Commission is a corporation with perpetual succession and the associated rights of a corporation.

Provides that the Commission is to consist of five appointed members, as specified, to serve staggered four-year terms. Bars an individual from serving more than two terms. 

Requires the first meeting of the Commission to be held within 90 days after the ratification of the act, where officers are to be appointed and bylaws adopted.

Sets out provisions for the appointment by the Commission of a chairman, vice-chairman, secretary, finance officer, and attorney.

Creates a capital reserve fund, consisting of the funds specified. Requires all funds in the capital reserve fund to be used to finance public school capital construction and public school improvement and renovation projects in Buncombe County or to retire the indebtedness incurred by the county or a local school board for those purposes. Sets out provisions for the appropriation and disbursement of the moneys in the capital reserve fund.

Sets out provisions for the costs of the Commission.

Provides that the capital reserve fund created under SL 1983-134, Section 9, will constitute the capital reserve fund created by this act. Dissolves the two accounts in the previous fund and directs that the moneys in the accounts are to remain in the capital reserve fund to be expended as provided in this act. Sets out provisions for dealing with any outstanding debt incurred prior to the effective date of the act.

Sets out provisions creating staggered terms for Commission members.

Requires the local governing board and the school boards to make their initial appointments to the Commission no later than September 30, 2016, and the four initial appointees to the Commission must make their initial appointment no later than December 31, 2016.