Under current law, when a charter school dissolves, all of the net assets of the school that were purchased with public funds are deemed to be the property of the local school administrative unit in which the charter school is located. Amends GS 115C-218.100(b) to provide the following exception: capital funds provided to a charter school by one or more counties under GS 115C-218.105(b1) and all the net assets purchased or improved with the capital funds are to be considered the property of the county or counties that provided the funding.

Amends GS 115C-218.105, enacting new subsections (b1) and (b2). In new subsection (b1), authorizes counties to fund charter schools or nonprofit organizations supporting charter schools via direct appropriation as provided in GS 153A-457. Limits the use of the funds to specified purposes involving the acquisition of real property, construction, and the acquisition or replacement of furniture, furnishings, and equipment. New subsection (b2) requires a charter school that uses funds provided in subsection (b1) of GS 115C-218.105 to acquire or improve property to show evidence of the amount provided by the county via a promissory note and to secure that amount by a deed of trust on the property acquired or improved by the funds.

Amends GS 153A-149(c) to add subdivision (8a), which identifies providing capital funds for charter schools as authorized by GS 153A-457 as an authorized purpose subject to the property tax rate limitations of subsection (c) of GS 153A-149.

Enacts new GS 153A-457 to authorize each county to appropriate funds and to lease real property to schools chartered under Article 14A of Chapter 115C of the General Statutes. Limits counties to providing funds only for the purposes set out in GS 115C-218.105(b1).

Applies beginning with the 2015-16 fiscal year.