NC S1209

Directs the Revenue Laws Study Committee to continue studying local government owned and operated communication systems and report findings to the 2011 General Assembly by March 1, 2011.

Establishes an advisory subcommittee of up to 12 members including representatives from cable providers, telecommunications companies, cities operating cable systems, and the North Carolina League of Municipalities to assist with the study.

Temporarily prohibits the Local Government Commission from approving financing applications under G.S. 160A-19, 160A-20, or 160A-466 for communication systems until legislation recommended by the study committee is enacted or the 2011 General Assembly session adjourns.

Exempts from the financing prohibition: units that already had contracts as of June 1, 2010; units that contracted for broadband feasibility studies and formally instructed staff by December 1, 2010 to apply; federal broadband stimulus grant recipients; and Google Fiber Project participants.

Requires units eligible for exemptions to hold public hearings and notify existing communication service providers at least 15 days before submitting financing applications to the Local Government Commission.