SB 555 Summary

• Promise zone authority boards consist of 11 members: 9 locally appointed, 1 appointed by senate majority leader, and 1 appointed by house speaker, with no more than 3 government officials permitted.

• Senators and representatives appointed to promise zone boards must reside in the promise zone or within a contiguous county, and must maintain residency to continue serving.

• Promise zone development plans must include detailed financial assistance amounts (minimum of associate degree funding, maximum of bachelor's degree funding), funding sources, performance assessment criteria, and annual reporting requirements to the department of treasury.

• Boards may revise, establish, or eliminate high school grade point average requirements for students without amending the development plan or obtaining treasury department approval.

• Promise zone authorities may use not more than 15% of state education tax revenue received to cover administrative costs, excluding personnel who provide direct student services or implement educational improvement activities.