Declares an intent to provide for the elimination of unnecessary bureaucracy in public school districts through reduced regulations, increased accountability and parental choice.

     Authorizes non-profit organizations to obtain licenses to open and operate new independent public schools and to be exempt from all laws and rules except those applied to approved private schools on December 31, 1994.

     Specifies the rights of teachers and parents at any government-operated public school to convert to an independent public school.

     Designates the requirements which an independent public school must meet.

     Removes the requirement to implement "performance-based" education.

     Specifies the general authority for student discipline at independent public schools.

     Designates requirements for all government-operated and independent schools within a renewed public school district.

     Provides for the allocation of public education funds in renewed public school districts.

     Authorizes continuation of local school levies.

     Requires equal tax treatment of non-governmental service providers.

     Does not affect home-based education.

     Provides for benefit and seniority protection for employees of independent public schools.

     Provides for binding arbitration of disputes between the school districts.