NC H583

Creates the State Capital and Infrastructure Fund in the General Fund to provide stable funding for state capital and infrastructure needs, particularly benefiting low-wealth counties struggling with aging infrastructure and public school facilities.

Fund sources include: one-fourth of any unreserved General Fund balance at fiscal year end, 4% of net state tax revenues deposited in the General Fund, appropriated capital improvement monies, and investment earnings on fund balances.

Fund monies must first be used for state debt service obligations, then may be allocated to new capital projects, facility repairs and renovations, grants to public schools and community colleges, economic development infrastructure, transportation projects, and early debt repayment.

Establishes specific allowable repairs and renovations including roof repairs, structural repairs, HVAC system repairs, ADA compliance improvements, fire safety upgrades, energy efficiency improvements, asbestos and lead paint removal, and infrastructure improvements, excluding new construction or building expansions unless required by code compliance.

Requires consultation with the Joint Legislative Commission on Governmental Operations for reallocations of $2.5 million or more between repair and renovation projects, with reporting required for smaller reallocations within 60 days.