This bill amends the Public School Code of 1949, specifically focusing on the powers and duties of the intermediate unit board of directors and provisions related to capital subsidies. It grants the board the authority to acquire land and buildings through purchase, lease, or gift, replacing the previous language that only allowed leasing. Additionally, the bill expands the types of agreements that require pre-approval from the Secretary of Education to include loan agreements and mortgages, while removing the previous requirement that only loan agreements and mortgages for office and warehouse facilities needed pre-approval.

Furthermore, the bill outlines the financial allocation process for intermediate units, specifying that the Commonwealth will allocate funds based on the number of students in average daily membership multiplied by the median actual instruction expense per weighted average daily membership, further multiplied by 0.03%. This change aims to ensure that intermediate units receive appropriate funding for their approved agreements related to educational facilities. The act is set to take effect immediately upon passage.