Elimination Of Public Schools And Funding. Voucher System.

ELIMINATION OF PUBLIC SCHOOLS AND FUNDING. VOUCHER SYSTEM. INITIATIVE CONSTITUTIONAL AMENDMENT. Amends Constitution to eliminate public education for grades K-12. Prohibits State from operating or regulating K-12 or technical schools and providing textbooks and other instructional materials. Establishes Educational Performance Fund to provide redeemable vouchers for K-12 educational expenses. Eliminates public educational funding after 20 years. Requires testing of students to determine performance levels. Requires Legislature to encourage formation of open-enrollment schools and provide legislation for low cost teacher housing/training complexes. Automatically qualifies credentialed teachers as licensed child care providers who may receive assignments of vouchers. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Sales of public schools could generate one-time revenues potentially exceeding $100 billion. Measure could also result in annual long-term savings approaching $100 billion for elimination of public support of K-12 education; capital outlay savings to state and local governments of as much as $1 billion annually; and potential loss of federal funds in the billions of dollars annually