Senate Bill 542 Summary

• Authorizes issuance of $1.9 billion in general obligation bonds for public school building capital improvements, subject to voter approval in November 2018.

• Allocates bond proceeds to counties through four categories: $760 million for average daily membership (ADM), $570 million for ADM growth, $285 million for low-wealth and small counties, and $285 million as additional support to small counties.

• Requires counties to match bond proceeds with local funds (except low-wealth and small county allocations), with match amount calculated at 3 cents per dollar multiplied by the county's state-assigned ability-to-pay rank.

• Permits reallocation of unmatched bond proceeds to other counties that meet matching requirements by January 1, 2024, and requires annual reporting by school districts on project expenditures and completion status.

• Establishes that proceeds may be used for construction, renovation, equipment, technology infrastructure, and land acquisition for public school facilities, but excludes centralized administration, trailers, and relocatable classrooms.