NC S376

Repeals G.S. 18C-164 and creates new G.S. 18C-164.1 to redirect North Carolina education lottery net revenues into an Education Lottery Fund instead of the previous distribution structure.

Distributes Education Lottery Fund net revenues as follows: 50% for class size allotment ratios, 40% to the Public School Building Capital Fund, and 10% to the State Educational Assistance Authority for college scholarships.

Establishes an Education Lottery Reserve Fund capped at $50,000,000, with 5% of prior year net revenues transferred annually to build the reserve.

Allows Public School Building Capital Fund grants to be used for school building repairs and renovations and retirement of school construction debt, in addition to new construction.

Becomes effective July 1, 2021.