NC S582

Establishes the Indian Gaming Education Revenue Fund in the State Treasury to receive payments from Class III gaming on Indian lands under a Tribal-State Gaming Compact with the Eastern Band of Cherokee Indians.

Authorizes Class III gaming activities (gaming machines, live table games, raffles, and video games) on federally held Indian lands when conducted under a valid Governor-negotiated Compact approved by the U.S. Department of Interior.

Limits Class III gaming facilities to a maximum of three per Indian tribe and requires all Compact payments to be deposited into the Indian Gaming Education Revenue Fund.

Directs gaming revenue from the fund to the State Public School Fund for quarterly distribution to local school administrative units, charter schools, and regional schools based on average daily membership, with funds designated for classroom teachers, teacher assistants, classroom materials, supplies, or textbooks.

Effective upon passage and contingent on approval of the Amended & Restated Tribal Gaming Compact with the Eastern Band of Cherokee Indians by the U.S. Department of Interior.