To end the state's emergency management of the insolvent Detroit school district, and give an elected school board control of the district's schools, including the academically-failed ones currently under a form of state receivership. The bill would give a new "education commission" appointed by the Detroit mayor the authority to block new charter schools from opening in the city, among other powers. It would also effectively forgive the debt incurred to cover overspending in successive district budgets by transferring this and millage-supported bond debt to a new administrative entity. Senate Bill 822 authorizes a $300 million loan to the district, considered a "down payment" on an expected $515 million bailout and another $202 million for "transition costs.