NC H1107

Requires the General Assembly to allocate a percentage of lottery net revenues to the Public School Building Capital Fund: 27% for fiscal year 2014-2015, 33% for 2015-2016, and 40% for 2016-2017 and subsequent years.

Directs any excess lottery net revenues beyond the appropriated amount to be transferred to the Public School Building Capital Fund and spent according to existing law regarding school capital construction.

Allocates Public School Building Capital Fund monies to counties on a per average daily membership basis as determined by the State Board of Education.

Permits counties to use fund monies for school construction projects and to retire debt from school construction, but prohibits use for school technology needs.

Effective July 1, 2014.