(a)        Notwithstanding the provisions of N.C. Gen. Stat. § 115D-39(a), a community college may, with the approval of the State Board of Community Colleges:

(1)        Implement a tuition surcharge of up to thirty-three and one-third percent (33 1/3%) of the statewide tuition rate to fund a new instructional program that is necessary to attract industry to the area, and

(2)        Use the proceeds of an endowed scholarship, consistent with the terms of the endowment, to offset the cost of the tuition charge.

(b)        All students enrolled in the new program, except for students for whom tuition and registration are waived by law or regulation, shall be charged the tuition surcharge. The funds collected from the endowment shall be deposited into an unrestricted institutional fund account at the community college.

(c)        This section applies only to an endowed scholarship in excess of five million dollars ($5,000,000).

(d)       The State Board shall adopt rules to implement this section. ?(2007-367, s. 1; 2015-264, s. 64.)