2005 North Carolina Code - General Statutes § 115C-472.5. Creation of the Fund; administration.

Article 32B.

Computer Loan Revolving Fund.

§ 115C‑472.5.  Creation of the Fund; administration.

(a)       The Department of Public Instruction shall administer the Computer Loan Revolving Fund. The Fund shall be used to provide loans to local school administrative units to enable them to purchase computer equipment to implement the Uniform Education Reporting System in accordance with the standards adopted by the State Board of Education pursuant to G.S. 115C‑12(18).

(b)       A loan shall be for the actual amount of the equipment up to a maximum to be determined by the Superintendent.

(c)       Loans shall be evidenced by notes made payable to the Department of Public Instruction. The rate, term, and other conditions of the note shall be determined in accordance with uniform policies established by the Superintendent.

(d)       The Department of Public Instruction shall report to the State Chief Information Officer on an annual basis on all loans made from the fund. (1991 (Reg. Sess., 1992), c. 1044, s. 23(a); 1997‑18, s. 15(m); 2004‑129, s. 33.)