AZ SB1287

Establishes a building renewal fund administered by the school facilities board to distribute monies to school districts for maintaining existing school facilities through the fiscal year 2025-2026.

Requires school districts to prioritize building renewal funds for projects addressing minimum facility adequacy guidelines first, then major renovations, system upgrades, infrastructure costs, and portable building placement.

Prohibits use of building renewal funds for new construction, aesthetic remodeling, exterior beautification, demolition, capital items, and routine preventive maintenance (except 8 percent allowed for preventive maintenance under subsection L).

Appropriates $57.8 million for fiscal year 2021-2022, escalating to $289 million by fiscal year 2025-2026 for the building renewal fund.

Appropriates additional funds for district additional assistance ($70.5 million in FY 2021-2022 escalating to $352.4 million in FY 2025-2026) and $18.656 million for charter school additional assistance in fiscal year 2025-2026.