GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2007
S D
SENATE DRS65001-LB-3A (11/13)
Short Title: Lottery School Capital Fund Formula. |
(Public) |
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Sponsors: |
Senators Snow, and Nesbitt. |
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Referred to: |
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A BILL TO BE ENTITLED
AN ACT to change the school capital construction formula in the state lottery act to provide for distribution of all the funds based on average DAILY membership.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 115C-546.2(d) reads as rewritten:
"(d) Monies transferred
into the Fund in accordance with Chapter 18C of the General Statutes shall be
allocated for capital projects for school construction projects as follows:
(1) A sum equal
to sixty-five percent (65%) of those monies transferred in accordance with
G.S. 18C-164 shall be allocated on a per average daily membership
basis according to the average daily membership for the budget year as
determined and certified by the State Board of Education.
(2) A sum equal
to thirty-five percent (35%) of those monies transferred in accordance with
G.S. 18C-164 shall be allocated to those local school administrative units
located in whole or part in counties in which the effective county tax rate as
a percentage of the effective State average tax rate is greater than one
hundred percent (100%), with the following definitions applying to this
subdivision:
a. "Effective
county tax rate" means the actual county tax rate multiplied by a three-year
weighted average of the most recent annual sales assessment ratio studies.
b. "State
average effective tax rate" means the average effective county tax rates
for all counties.
c. "Sales
assessment ratio studies" means sales assessment ratio studies performed
by the Department of Revenue under G.S. 105-289(h).
(3) No county shall
have to provide matching funds required under subsection (c) of this section.
(4) A county may
use monies in this Fund to pay for school construction projects in local school
administrative units and to retire indebtedness incurred for school construction
projects incurred on or after January 1, 2003.2000.
(5) A county may
not use monies in this Fund to pay for school technology needs."
SECTION 2. This act is effective when it becomes law.