Add to ORKGAssembly Constitutional Amendment No 3. Adds Section 16.5 to Article XVI of Constitution. Directs issuance and sale of $185,000,000 of State bonds for purpose of providing loans and grants to school districts of State. Authorizes Legislature to provide for issuance and sale of bonds. Makes bond proceeds available for expenses of bond issuance, for administration of loans and grants, and for repayment of money appropriated from General Fund. Provides that allocation of funds to school districts and their obligation to repay commensurate with ability be regulated by legislature. Declares State policy regarding public school sites and buildings