HB4875 Summary

• Amends the General Obligation Bond Act, Section 5, to make a technical change regarding school construction bonds.

• Authorizes $58,450,000 for grants to local school districts for acquisition, development, construction, and improvement of capital facilities, including special education building projects.

• Authorizes $22,550,000 for grants to school districts to make principal and interest payments on bonds issued after January 1, 1969.

• Authorizes $10,000,000 for special education building projects and $9,000,000 for reconstruction of condemned school buildings.

• Authorizes $3,050,000,000 for school improvement projects and $1,066,000,000 for school implementation projects under the School Construction Law, with bond sales scheduled over six years.