State Education Finance Assistance Act

[AI summary unavailable — showing source text] State Education Finance Assistance Act - States that it is the purpose of this Act to provide Federal financial assistance to States in order to assist the States to assume financial responsibility for the non-Federal expenditures for public elementary and secondary education over a reasonable period of time and thereby to assist the Sates to meet the educational needs of the children of that State. Authorizes the Commisssioner of Education in accordance with the provisions of this Act to make payments to State educational agencies for grants to local educational agencies. Authorizes to be appropriated for the purpose of making such payments $2,000,000,000 for the fiscal year ending June 30, 1975, and such sums as may be necessary for each of the three succeeding fiscal years. Sets forth the formula for alloting such funds to the States. Provides that a State educational agency shall use the payments received under this Act for grants to local educational agencies within that State on the basis of need criteria established by the State educational agency in accordance with this Act. States that grants to local educational agencies pursuant to this Act may be used in accordance with…