NC S602

Proposes a constitutional amendment requiring 50% of annual net lottery revenues be allocated to pre-kindergarten programs and 50% to need-based and merit-based higher education assistance programs in North Carolina.

Submits the amendment to North Carolina voters for approval at the statewide general election on November 3, 2015.

Amends G.S. 18C-164 to replace the current language allowing General Assembly discretion in appropriating lottery funds "for education-related purposes" with mandatory allocation split between pre-K and higher education programs.

Maintains the existing Education Lottery Reserve Fund requirement of 5% of prior year net revenue, capped at $50 million, to be used as appropriated by the General Assembly.

Becomes effective upon voter approval and certification by the State Board of Elections, with conforming statutory changes taking effect when the bill becomes law.