NC S862

Establishes the Opportunity Scholarship Grant Fund Reserve administered by the Board of Governors of The University of North Carolina to allocate funds for scholarship grants to eligible students for the following school year.

Appropriates increasing amounts annually from $34.84 million (2017-2018) to $134.84 million (2027-2028 and thereafter) to the Reserve for scholarship grants, with a minimum increase of $10 million per fiscal year.

Allows the Authority to award scholarship grants to at least 2,000 more eligible students each school year than were served in the prior school year, beginning with the 2017-2018 school year.

Permits the Authority to retain up to 4% of allocated funds or $1.5 million annually, whichever is less, for administrative costs associated with the scholarship grant program.

Appropriates $24.84 million in nonrecurring funds for the 2016-2017 fiscal year to be deposited in the Reserve and used for 2017-2018 school year scholarships.