Bill Summaries: S468 (2017-2018 Session)

Tracking:
  • Bill S 468 (2017-2018)
    Summary date: Jul 25 2017 - View summary

    AN ACT TO MODIFY THE USES FOR QUALIFIED ZONE ACADEMY BONDS. Enacted July 25, 2017. Effective July 25, 2017, except as otherwise provided.
    Education, Elementary and Secondary Education, Government, State Agencies, State Board of Education
    GS 115C
  • Bill S 468 (2017-2018)
    Summary date: Jun 28 2017 - View summary

    House amendment #1 makes the following changes to the 2nd edition.

    Amends SL 2017-57, Section 5.3(e). Creates an exception to the prohibition on use of grant funds under that provision for real property acquisition or operational lease agreements, for funds used for projects when a pre-development agreement for an operational lease was entered into on or before June 30, 2017. Effective July 1, 2017.
    Education, Elementary and Secondary Education, Government, State Agencies, State Board of Education
    GS 115C
  • Bill S 468 (2017-2018)
    Summary date: May 11 2017 - View summary

    Senate amendment makes the following change to the 1st edition:

    Amends GS 115C-489.6. Amends the proposed conditions for the usage of funds allocated under the Qualified Zone Academy Bond (QZAB) program to further prioritize distribution to schools where 75% or more of the school's students are eligible for free or reduced lunch under the federal lunch program.
    Education, Elementary and Secondary Education, Government, State Agencies, State Board of Education
    GS 115C
  • Bill S 468 (2017-2018)
    Summary date: Mar 29 2017 - View summary

    Amends GS 115C-489.6(a) concerning the allocation of proceeds from the Qualified Zone Academy Bond (QZAB) program in North Carolina by the State Board of Education (SBE), by requiring that any conditions placed on distributing the State's allocation of QZAB funds must ensure that the bond proceeds are only used for purposes listed in 26 U.S.C. Sec. 54E, federal law establishing the QZAB program (was, bond proceeds could only be used for rehabilitating or repairing a public school facility, including infrastructure improvements related to providing technology and for equipment related to the rehabilitation or repair of that facility). Further adds language requiring the allocation of QZAB proceeds be prioritized so that proceeds are first used in counties having greater economic distress, as determined pursuant to GS 143B-437.08 (Development Tier Designation). Directs the SBE to create an application process to collect information necessary to accomplish the prioritization and efficient use of the bond proceeds. 

    Effective when bill becomes law, applying to bond proceeds used on or after that date. 

    Provides that the SBE can expedite consideration of use of bond proceeds pursuant to this act without a formal application process for bond proceeds that will become unavailable after December 31, 2016, provided that the SBE otherwise uses best efforts to ensure proceeds are prioritized in accordance with the provisions of this act. 
    Education, Elementary and Secondary Education, Government, State Agencies, State Board of Education
    GS 115C

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