1. It increases the millage limit established for the debt service circuit breaker from 45% to 100%;

2. It provides that, beginning in school year 2003-04, a school administrative unit engaged simultaneously in 2 or more approved major capital projects is eligible to include the principal and interest costs for each major capital project in the determination of the debt service millage limit;

3. It provides that, beginning in school year 2003-04, a school administrative unit engaged simultaneously in an approved major capital project and a nonstate funded project is eligible for state support for 100% of the principal and interest costs for the approved major capital project and for 50% of the principal and interest costs for the nonstate funded project if the project was approved by the commissioner after the school administrative unit applied to the state board for major capital project approval and the project application involved received a rating in the top 50% on the major capital project priority list; and

4. It directs the Department of Education and the State Board of Education to amend or adopt rules necessary to implement the changes to the debt service "circuit breaker" program.