S643 - Invest NC Bond Act of 2021

• Authorizes issuance of $4.7 billion in State of North Carolina Public Improvement Bonds, subject to voter approval at a statewide election on November 2, 2021.

• Allocates bond proceeds including $2.5 billion for public school capital assistance, $500 million for community colleges, $783 million for University of North Carolina system, $439 million for natural and cultural resources (museums, zoos, state parks), and $155.8 million for Department of Health and Human Services facilities.

• Public school funding requires local matching funds scaled by county development tier status, with funds reallocated to compliant counties if not matched by January 1, 2028.

• Establishes Public Improvement Bonds Fund managed by State Treasurer to track and disburse proceeds; bonds mature over 40-year period with faith and credit of the State pledged for repayment.

• Creates $48.2 million Unforeseen Costs Reserve with allocation process managed by Office of State Budget and Management for projects meeting specified criteria.