Amends and adds to existing law to establish the Public Education Facilities Fund and to provide for the transfer of certain moneys.

This legislation requests a one-time transfer of $25,000,000 and any accumulated interest of existing funds in the public school facilities cooperative fund (33-909) to the fund established in this bill. In addition, this legislation requests one half of the existing remaining balance of the Public School Health Insurance Participation Fund, estimated to be $28,000,000, to be transferred to the fund established in this bill. At the discretion of the legislature, and at the recommendation of the Governor’s office for funding for rural school facilities, general funds may be added to the new fund to support additional grants. This legislation causes no increase or decrease in revenue, or additional expenditure of funds at the state or local level of government; therefore, this legislation has no fiscal impact.