2005 North Carolina Code - General Statutes § 115C-546.1. Creation of Fund; administration.

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 public school building capital needs and their equipment needs under their local school technology plans.

(b)       (See Editor's Note) Each calendar quarter, the Secretary of Revenue shall remit to the State Treasurer for credit to the Public School Building Capital Fund an amount equal to the applicable fraction provided in the table below of the net collections received 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 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)

(b)       (See Editor's Note) Each calendar quarter, the Secretary of Revenue shall remit to the State Treasurer for credit to the Public School Building Capital Fund an amount equal to the applicable fraction provided in the table below of the net collections received during the previous quarter by the Department of Revenue under G.S. 105‑130.3. All funds deposited in the Public School Building Capital Fund shall 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 Public Instruction. (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).)