School Finance Act

[AI summary unavailable — showing source text] School Finance Act - Title I: Basic Grants - Declares that the purpose of this title is to provide financial assistance to the States and to local educational agencies to assure that their resources when supplemented by this Federal assistance will be adequate to provide to all children an elementary and secondary education of high quality. Entitles a local educational agency to a basic grant of $100 for every child in average daily membership in elementary and secondary schools in the school district of such agency, reduced by the percentage that its non-Federal per pupil expenditures exceeds 115 percent of the State average per pupil expenditure. Makes provisions for entitlement to grants to Puerto Rico, Guam, American Samoa, the Virgin Islands, and the Trust Territory of the Pacific Islands. Authorizes the Commissioner of Education to make such grants under this title. Requires a local educational agency desiring such grant to submit to the appropriate State educational agency an application which contains an assessment of the educational needs of its children and plans for meeting those needs with funds provided under this title; and assurances that the agency will provide noni…