An Act amending the act of March 10, 1949 (P.L.30, No.14), known as the Public School Code of 1949, in school finances, providing for reduction of school district debt.

HB 2092 requires Pennsylvania school districts to use state funds received for approved school construction projects to reduce the associated debt rather than treating them as general revenue. Districts that received funds before the bill's effective date must reduce debt by the full amount of those funds, while districts receiving funds after must apply the funds directly to the project's debt. As debt is reduced, districts must lower their property tax rates (millage) proportionally. This applies to all school districts with construction projects approved under the Fiscal Code, directly affecting how they manage debt and local tax rates.