"Fully Funding Schools and Cutting Property Taxes Act"; repeals certain sections of law; requires additional aid to lower property taxes commensurate with residents' ability to support schools; appropriates $2.9 billion.
Provides that salary and other costs associated with Commissioner of Education's appointment of State monitor and other staff under "School District Fiscal Accountability Act" will be paid by State.
Authorizes proportional property tax exemption for honorably discharged veterans having a service-connected permanent disability and proclaims that the State shall reimburse municipalities for cost of exemption.
Proposes temporary constitutional amendment to provide for State constitutional convention to reduce government spending and to reform system of property taxation.