Bill Summaries: H1119 (2015-2016 Session)

Tracking:
  • Bill H 1119 (2015-2016)
    Summary date: May 11 2016 - View summary

    Enacts new GS 115C-238.20, Reserve Funds, in new Part 5A, Reserve Funds for Nontraditional Public Schools, in Article 16 of GS Chapter 115C. Requires the operator of a nontraditonal public school to maintain at a minimum an escrow account, letter of credit, bond, deed of trust, or combination thereof with a total value of $100,000, to ensure payment of expenses related to breach of contract, early termination, or other expenses incurred by closure. Sets out and defines a nontraditional public school for the purposes of the section. 

    Appropriates $20,000 from the General Fund to the Department of Public Instruction for 2016-17 to implement the above requirements.  Effective July 1, 2016. 
    Education, Government, Budget/Appropriations, State Agencies, Department of Public Instruction
    APPROP, GS 115C

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