ENGROSSED HOUSE BILL NO. 2642 Summary

• Creates the "Securing Educational Excellence Fund" to receive state income tax revenues that would otherwise go to the General Revenue Fund, with funding triggered when revenue estimates increase by 1% or more.

• Establishes a tiered funding schedule where the fund receives $57.5 million in the first eligible fiscal year, increasing to a maximum of $575 million annually once that level is reached.

• Requires the State Board of Education to distribute fund monies through the State Aid formula to increase per-pupil expenditures in public schools.

• Prohibits use of these funds to supplant or replace existing state education funding, with the State Board of Equalization required to audit expenditures annually and report to the Legislature if supplantation occurs.

• Becomes effective July 1, 2014, with an emergency clause allowing immediate implementation upon passage and approval.