NC S5

Authorizes issuance of $1.9 billion in general obligation bonds for public school capital outlay projects, subject to voter approval in November 2018.

Distributes bond proceeds to counties based on four categories: average daily membership allocation ($760M), low-wealth county allocation ($570M), ADM growth allocation ($285M), and small county allocation ($285M).

Requires counties to match bond proceeds dollar-for-dollar using a county ability-to-pay formula (3 cents multiplied by the county's ability to pay rank), except for low-wealth and small county designations which require no match.

Authorizes State Treasurer to issue bonds with terms up to 40 years, bearing variable interest rates, and permits bonds to be redeemed early or made subject to tender for purchase by holders.

Requires school administrative units to submit expenditure plans to State Board of Education and provide quarterly reports on project costs, bond expenditures, and completion percentages to the legislature.