NC S2

Modifies the uses permitted for qualified zone academy bond (QZAB) proceeds from narrowly defined rehabilitation and repair purposes to any purposes listed in 26 U.S.C. § 54E.

Removes restrictions that previously limited bond uses to wiring, infrastructure improvements for technology, and equipment related to rehabilitation or repair, excluding personal computers and similar technology equipment.

Requires bond proceeds to be prioritized for use first in counties determined to have greater economic distress as defined by G.S. 143B-437.08.

Directs the State Board of Education to establish an application process and gather necessary information to enable prioritization and efficient use of bond proceeds.

Becomes effective upon enactment and applies to bond proceeds used on or after that date, with expedited consideration allowed for proceeds expiring December 31, 2016.