AN ACT TO RESTORE THE ORIGINAL REVENUE DISTRIBUTION STRUCTURE OF THE NORTH CAROLINA EDUCATION LOTTERY AND TO ALLOW FUNDS IN THE NEEDS-BASED PUBLIC SCHOOL CAPITAL FUND TO BE USED FOR REPAIRS AND RENOVATIONS AND FOR THE RETIREMENT OF DEBT ASSOCIATED WITH SCHOOL CONSTRUCTION AND REPAIRS AND RENOVATIONS.
Revises the guidelines for revenue allocation from the North Carolina Education Lottery in GS 18C-162, subsection (a)(4), to allocate up to 7% of total annual revenues (currently, of face value of tickets or shares) for compensation paid to lottery game retailers.
Repeals GS 18C-164, regarding the transfer of net revenues of the North Carolina State Lottery Fund. Instead, enacts GS 18C-164.1, transferring the existing language from GS 18C-164 with the following changes. Requires the net revenues of the North Carolina State Lottery Fund to be transferred four times a year (was, at least four times a year) to the Education Lottery Fund. Deletes the provision directing the General Assembly to appropriate remaining funds from the Education Lottery Fund for education purposes. Directs the NC State Lottery Commission to distribute the remaining net revenue of the Education Lottery Fund as follows: 50% to support reduction attainment of class size allotment ratios pursuant to GS 115C-301(c), 40% to the Public School Building Capital Fund, and 10% to the State Educational Assistance Authority for college and university scholarships. Directs the General Assembly to appropriate the funds annually based upon estimates of lottery net revenue to the Education Lottery Fund provided by the Office of State Budget and Management and the Fiscal Research Division. Provides that if the net revenues exceed the amounts appropriated, the excess net revenues are split between the Public School Building Capital Fund and the State Educational Assistance Authority.
Makes conforming changes to GS 18C-162(a)(2) and GS 115C-499.3(a).
Amends Section 5.3(e) of SL 2017-57, as amended, to expand the authorized uses of grants awarded from the Needs-Based Public School Capital Fund, to include school building repairs and renovations, and the retirement of debt incurred for the purpose of school building construction or repairs and renovations (was, limited to the construction of new school buildings only).
Effective July 1, 2021.