§ 115C-546.1. Creation of Fund; administration. - North Carolina Statutes

Article 38A.

Public School Building Capital Fund.

§ 115C‑546.1.  Creation of Fund; administration.

(a)        There is created the Public School Building Capital Fund.The Fund shall be used to assist county governments in meeting their publicschool building capital needs and their equipment needs under their localschool technology plans.

(b)        (See Editor's Note)Each calendar quarter, the Secretary of Revenue shall remit to the StateTreasurer for credit to the Public School Building Capital Fund an amount equalto the applicable fraction provided in the table below of the net collectionsreceived during the previous quarter by the Department of Revenue under G.S.105‑130.3 minus two million five hundred thousand dollars ($2,500,000).All funds deposited in the Public School Building Capital Fund shall beinvested as provided in G.S. 147‑69.2 and G.S. 147‑69.3.

Period                                      Fraction

10/1/97 to 9/30/98                   One‑fifteenth(1/15)

10/1/98 to 9/30/99                   Two twenty‑ninths(2/29)

10/1/99 to 9/30/00                   One‑fourteenth(1/14)

After 9/30/00                            Five sixty‑ninths(5/69)

(b)        (See Editor's Note)Each calendar quarter, the Secretary of Revenue shall remit to the StateTreasurer for credit to the Public School Building Capital Fund an amount equalto the applicable fraction provided in the table below of the net collectionsreceived during the previous quarter by the Department of Revenue under G.S.105‑130.3. All funds deposited in the Public School Building Capital Fundshall be invested as provided in G.S. 147‑69.2 and G.S. 147‑69.3.

Period                                      Fraction

10/1/97 to 9/30/98                   One‑fifteenth(1/15)

10/1/98 to 9/30/99                   Two twenty‑ninths(2/29)

10/1/99 to 9/30/00                   One‑fourteenth(1/14)

After 9/30/00                            Five sixty‑ninths(5/69)

(c)        The Fund shall be administered by the Department of PublicInstruction. (1987, c. 622, s. 12; c.813, s. 20; 1989 (Reg. Sess., 1990), c. 1066, s. 28(b); 1991, c. 689, s. 260;1995 (Reg. Sess., 1996), c. 631, s. 15; 1996, 2nd Ex. Sess. c. 13, s. 2.2; 1997‑221,s. 26; 2000‑140, s. 93.1(a); 2001‑424, s. 12.2(b); 2003‑284,s. 7.33(b).)