Jeff L. Thigpen Register of Deeds

Friday, March 30, 2007

NC School Bond Bill Information

Bill: HB1203

Sponsors: Yongue (D46); Holliman (D81); Johnson (R83); Carney (D102)


Status: 03/28/2007 – Filed in the House

Comments: The county-by-county allocations in this bill are substantially similar to S1144 (Hoyle) but include one notable distinction. Like S1144, the bill divides the $2 billion into three pots – 50 percent is divvied up by ADM, 25 percent to counties experiencing ADM growth over the last five years, and 25 percent to “low wealth” counties. Unlike S1144, this bill requires counties to match their proceeds designated in the distributions based on ADM or High Growth. Counties who receive a distribution from the low-wealth pot do not have to match the proceeds they receive from that pot, but they do have to match the proceeds from the other two pots. The formula used to determine the county match is 3 cents times the county's ability-to-pay rank for every $1 of allocated bond proceeds. The "county's ability-to-pay rank is its rank in the ranking of counties from lowest to highest county wealth as a percentage of State average wealth made by the State Board of Education for the 2006-2007 fiscal year pursuant to Section 7.6 of S.L. 2005-276."


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