AN ACT to appropriate funds for the planning of a new EDUCATION FACILITY AT the university of north carolina at WILMINGTON.

The General Assembly of North Carolina enacts:

SECTION 1.(a)  There is appropriated from the General Fund to the Office of State Budget and Management (OSBM) the sum of nine hundred ninety‑four thousand dollars ($994,000) in nonrecurring funds for the 2021‑2022 fiscal year to be held in reserve for the purpose of providing funds for the planning of a new facility for Isaac Bear Early College High School on the University of North Carolina at Wilmington's campus as the partner institution of higher education for the cooperative innovative high school.

OSBM shall allocate the funds to the University of North Carolina at Wilmington upon the signing of a memorandum of agreement between New Hanover County Schools and the University of North Carolina at Wilmington on the specifics of the facility project, including the site location for the new facility and the sources of funds for the project.

SECTION 1.(b)  If a memorandum of agreement is not signed between New Hanover County Schools and the University of North Carolina at Wilmington as required by subsection (a) of this section by June 30, 2022, the funds held in reserve by OSBM pursuant to this act shall revert to the General Fund.

SECTION 2.  This act becomes effective July 1, 2021.