Existing law creates the Fund to Assist School Districts in Financing Capital Improvements and requires the Director of the Office of Finance to administer the Fund. (NRS 387.333) Under existing law, the board of trustees of a school district is required to submit, with any application for a grant of money from the Fund, proof that the combined ad valorem tax rate of the county is at the limit imposed by law and that one of the following additional emergency conditions exists on the grounds of a school within the school district: (1) at least one building has been condemned; (2) at least one of the facilities is unsuitable for use due to certain conditions; or (3) one of the facilities is in such a condition that the costs of renovating the facility would exceed 40 percent of the cost of constructing a new facility. (NRS 387.3335) This bill requires the State Board of Finance to issue $100,000,000 in general obligation bonds for credit to the Fund to Assist School Districts in Financing Capital Improvements. This bill requires any proceeds of the bonds to be used by the Director to make grants from the Fund to school districts in a county whose population is less than 15,000.