Authorizes $15 billion in state general obligation bonds for public education facilities: $9 billion for preschools and K-12 (includes $5.2 billion for modernization, $2.8 billion for new construction, $500 million for charter schools, and $500 million for career technical education); $6 billion for public universities and community colleges.

Projects will improve facilities' health/safety conditions (including earthquake/fire safety and removing lead from water) and increase affordable student housing.

Limits administrative costs to 5%.

Appropriates money from General Fund to repay bonds.