Provides for the issuance of $50 billion in general obligation bonds for public school facilities through grants to counties for public school capital outlay projects, repairs, and renovations, subject to a vote of the majority of qualified voters in the State at the November 2026 election. Outlines applicable definitions for the section regarding the capital bonds. Authorizes the State Treasurer, with consent of the Council of State, to issue and sell State of North Carolina Education Bonds if approved by the voters in the election held on the issue. Specifies restrictions on the use of funds from the bonds, and permits the combination of funds received from the federal government with the funds received from the sale of bonds in the Education Bonds Fund. Directs each local school unit receiving funds from the described bond proceeds to submit a report to the Department of Public Instruction (DPI) on the projects funded from those bonds by January 1, 2028, and quarterly thereafter. Instructs DPI to submit combined reports to the specified NCGA committees, with the specified totals.

Directs the State Treasurer to establish a system for tracking bond proceeds to properly account for the use of the proceeds for compliance with applicable requirements of the federal tax law or otherwise, and requires all recipients to comply with the tracking system. Provides for a statewide election to approve the $50 billion of education bonds during the November 2026 election. Makes the election subject to the general election laws of the state, and provides required ballot language. Provides for the manner of issuing the education bonds, and limits maturity to 40 years or less. Outlines requirements for signatures, manner of sale, notes in anticipation of the bond sale, refunding procedures, exemption from state and local taxation, investment eligibility, and full faith and credit support for the bonds. Allows the State Treasurer to provide that any bonds have variable interest rates, and provides other flexibilities in issuance to the State Treasurer based around the redemption and requirements for credit facilities. Includes an interpretation section, specifying that the language in the section regarding the sale of bonds is in addition and alternative to any other applicable method of providing for the sale of the bonds under applicable law. Outlines statutory reference provisions, construction of the section regarding bond sales, makes the provisions of the act regarding the sale of bonds controlling over any inconsistent provisions in general law, and contains a severability clause. Permits the State Treasurer to enter into other agreements around the sale of the bonds as the Treasurer deems desirable. Establishes requirements for each entity receiving funds from the sale of bonds. Requires each local school administrative unit and corresponding board of county commissioners to jointly submit a plan to DPI outlining a plan for the use of funds in accordance with the requirements of the act. Allows DPI to disburse funds after determining the plans comply with the requirements of the act. Establishes requirements for the OSBM to retain a portion of the funds for escalation of costs, and to release funds for unforeseen contingencies and inflation costs. Requires the OSBM to report on any funds retained after a project’s completion. Directs any funds from the education bonds spent on school technology for public schools to be credited against the judgment in N.C. Sch. Bds. Ass'n. v. Moore.