Establishes the Rural Broadband Initiative Fund (Fund), administered by the Department of Information Technology (DIT) to award grants to eligible rural colleges in the State for specific projects to upgrade broadband infrastructure and related expenditures. Directs DIT to establish criteria for awarding grants from the Fund that allocates funding on a per-pupil basis and sets a maximum grant amount. Lists 52 eligible rural colleges. Directs DIT to biannually report to the specified NCGA committee and division on use of funds in the Fund, project status, and challenges faced during project implementation. 

Appropriates $25 million to the Fund for 2024-25 to be used for the purposes described. 

Effective July 1, 2024.