This bill amends Section 16-7-41.1 of the General Laws in Chapter 16-7 to make changes to the eligibility for reimbursement for school construction projects. The bill states that school districts, not municipalities, may apply for and obtain approval for a project. However, if a municipality issues bonds through the Rhode Island health and educational building corporation to finance or refinance school facilities for a school district that is not part of the municipality, the municipality may apply for and obtain approval for a project. The bill also states that projects completed by June 30 of a fiscal year are eligible for principal reimbursement in the following fiscal year, and interest payments on approved projects are eligible for state reimbursement each fiscal year commencing with the first interest payment date irrespective of project completion. The bill also includes provisions regarding the approval of new school construction applications, funding for projects over ten million dollars, a statewide process for investigating and remediating contaminated building sites for possible reuse as schools, and other requirements for school construction projects. The bill would take effect upon passage.