HB 1525 Summary

• Creates a common schools building and maintenance fund administered by the Board of University and School Lands, funded through transfers from the common schools trust fund for acquisition, construction, and maintenance of school facilities statewide.

• Requires school districts to transfer all real property to the Board of University and School Lands, which shall accept the property and retire any outstanding related debt on school bonds.

• Establishes eligibility criteria for new construction and renovation projects, including superintendent approval, consideration of student needs, building age, safety assessments, and cost, with approved projects receiving state funding and ownership transfer.

• Changes school district building fund levy authority from "shall levy" to "may levy" taxes up to twenty mills when authorized by sixty percent of qualified electors voting.

• Mandates annual assessment of school facility fair market values and requires the Board of University and School Lands to report annually to legislative management by September 30 on completed projects, property values, and fund asset changes.