This measure provides that K-14 jurisdictions could incur bonded indebtedness for the construction, reconstruction, rehabilitation, or replacement of K-14 school facilities if approved by a majority of the local jurisdiction voters. Any such proposal submitted to the voters must include: (1) a provision that the bond proceeds will be used only for school facilities purposes listed in the proposition; (2) a list of specific school facilities projects to be funded; and (3) a requirement of an annual, independent financial audit.