NC S477

Expands eligibility for the Needs-Based Public School Capital Fund to include tier three counties, previously limited to tier one and tier two counties only.

Increases the state's commitment to dedicate North Carolina Education Lottery net revenue for local school capital needs from 16.9% in fiscal year 2016-2017 to 40% by fiscal year 2028-2029.

Authorizes counties to use Public School Building Capital Fund monies for lease agreements to construct new school facilities if county retains property ownership, lease term is 15-25 years, and landlord covers all repairs and maintenance.

Establishes matching fund requirements: tier one counties receive $3 in grants per $1 local match (max $15 million), while tier two and three counties receive $1 per $1 match (tier two max $10 million).

Requires counties receiving Needs-Based Public School Capital Fund grants to be ineligible for Public School Building Capital Fund allocations for five years following the grant award.