NC S814

Office of State Budget and Management shall transfer $10,000,000 in nonrecurring funds from the Education Lottery Reserve Fund to UNC Board of Governors by August 15, 2020.

Department of Public Instruction shall transfer $5,000,000 in nonrecurring funds from the School Bus Replacement Fund to UNC Board of Governors by August 15, 2020.

Transferred funds are appropriated for the 2020-2021 fiscal year to support the NC Promise Tuition Plan, which sets tuition at $500 per semester for North Carolina residents and $2,500 per semester for nonresidents at Elizabeth City State University, UNC Pembroke, and Western Carolina University.

General Assembly intends to appropriate additional recurring funds: $20,000,000 (2021-2022), $4,000,000 (2022-2023), $3,400,000 (2023-2024), and $3,000,000 (2024-2025) for "buy down" of financial obligations incurred by the three universities.

Total net appropriation for future "buy down" obligations shall not exceed $81,400,000 in recurring funds beginning in 2024-2025 fiscal year.