House Bill 955 Summary

• Authorizes elected local school boards in North Carolina to levy and collect property taxes beginning in fiscal year 2014-2015, provided both the school board and county commission pass authorizing resolutions.

• Requires eligible school boards to follow the Local Government Budget and Fiscal Control Act while maintaining the School Budget and Fiscal Control Act's budget format and fund structure.

• Grants eligible school boards authority to issue bonds, receive portions of county sales tax proceeds using the ad valorem method, and assume responsibility for existing school-related county debt and capital projects.

• Eliminates county commission approval requirements for school building construction, equipment, leases, and other capital decisions in counties where school boards have taxing authority.

• Limits the initial fiscal year property tax rate to an amount necessary to offset lost county appropriations plus cost-of-living increases, and repeals any existing supplemental school taxes.