SB 473

Creates new GS 143C-9-11 that establishes the Capital for Communities Special Fund as a nonreverting special fund in the General Fund, administered by the Office of State Budget and Management (OSBM). Outlines the acceptable uses of the fund, which are state economic development projects in the following areas: (1) creation of affordable housing, (2) creation of child care centers or schools, (3) creation of specialized ambulatory care centers, (4) support for groundbreaking medical research, (5) workforce development, (6) creation of jobs paying no less than the median teacher salary in the state, and (7) building a nonprofit education facility. Creates new GS 147-69.4A that establishes the funding for the Capital for Communities Special Fund from certain funds held by the State Treasurer that have achieved a return profile of 7% or higher for the previous quarter. The section specifies the funds subject to this transfer are (1) all funds held by the State Treasurer and (2) investments of special funds under GS 147-69.1 (Investments authorized for General Fund and Highway Funds assets), GS 147-69.2 (Investments authorized for special funds held by State Treasurer), and GS 147-69.2A (Investments; special funds held by the State Treasurer).