NC H754

Authorizes community college boards of trustees to acquire real property through lease purchase or installment purchase contracts, in addition to equipment purchases already allowed.

Requires real property lease purchase and installment purchase contracts to be funded exclusively through local funds rather than State funds.

Maintains the existing limit of no more than five State-funded contracts in effect at any one time per college.

Requires contracts exceeding $100,000 or lasting more than three years to obtain approval from the tax-levying authority or State Board of Community Colleges, with Local Government Commission review for contracts extending five or more years and totaling $500,000 or more.

Effective upon becoming law as of July 18, 2013.