This is all such baloney and campaign talk from Obama. There are already dozens of state and federal programs in place to "redistribute" tax dollars directly toward school building projects!

Facility Funding in the U.S.

In the 2005-06 school year $54.3 billion was spent on public school facilities in the United States and an additional $16.3 billion was spent on interest on the debt from previous school facilities projects. In most states the majority of funding for school facilities comes from the individual school districts – usually through local property tax levies. Fiscal studies have shown that funding systems that rely too greatly on local school district funding can result in a vast disparity in the quantity and quality of school facilities between high- and low-wealth school districts.

Comprehensive State Capital Programs

Across the country there have been cases of low-wealth districts filing lawsuits against their states in an attempt to force the legislature to create a more equalized facility funding program.

In Arizona, New Mexico, Ohio and Wyoming school funding lawsuits have resulted in the creation of school facility programs, sometimes referred to as “Comprehensive State Capital Programs”, which have increased funding levels and attempted to direct more funding toward low-income/low-property-wealth school districts. While these new funding systems have provided additional funding to districts they have also resulted in the state taking over many of the construction and maintenance decisions from the local school districts.

Description of Comprehensive Systems

Below are examples of five states that have created Comprehensive State Capital Programs. This review shows that while the details of comprehensive state capital programs may differ there are several attributes they have in common:

· The state provides all, or nearly all, of the necessary funding to the lowest income school districts
· The funding priorities for capital projects are based on a combination of district wealth and facilities needs
· The state provides construction mandates and/or restrictions on school districts that participate in the program.....
http://www.ecs.org/clearinghouse/72/91/7291.htm

Then, after reading that, if you have about 24 hours, read what's here in the National Clearinghouse for Educational Facilities:

http://www.ncef.org/rl/statelocal_funding.cfm