Bill Summary for S 554 (2015-2016)

Summary date: 

Jun 24 2016

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 554 (Public) Filed Thursday, March 26, 2015
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.
Intro. by Meredith, Curtis, Tillman.

View: All Summaries for BillTracking:

Bill summary

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.

© 2021 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view