The bill amends the Public School Code of 1949 to introduce a new section focused on the reduction of school district debt. It mandates that any school district receiving funds for a construction project approved by the Department of Education must reduce its incurred debt by the amount received. This applies to projects funded both before and after the effective date of the bill. Additionally, the bill requires that as school districts reduce their debt, they must also lower their millage rates accordingly.

The new section outlines specific conditions under which the debt reduction must occur, emphasizing the importance of using received funds to offset construction-related debts. It also clarifies the definition of "project" in relation to eligible school district initiatives. The act is set to take effect 60 days after its passage.

Statutes/Laws affected:
Printer's No. 2688 (Dec 09, 2025): P.L.30, No.14