AN ACT TO CREATE AN EMERGENCY RESERVE FOR THE NC PROMISE TUITION PLAN BUY DOWN.
Appropriates $15 million from the General Fund to the Office of State Budget and Management (OSBM) in fiscal year 2021-2022 to fund a reserve for the NC Promise tuition plan. Directs OSBM to allocate funds from the reserve to the UNC Board of Governors to be allocated to the constituent institutions participating in the NC Promise tuition plan which incur unsustainable losses and where State funds allocated for the “buy down” are insufficient in a fiscal year (under GS 116-143.11: State buys down obligations incurred by constituent institutions participating in NC Promise tuition plan resulting from established tuition rate). Requires the UNC Board of Governors to, within 30 days of an allocation from the reserve, report to the specified General Assembly committees and division on the allocation, circumstances underlying the allocation, and recommended changes to prevent future allocations. Effective July 1, 2021.