Amends the School Code. Provides that school districts need not comply with and may discharge any mandate or requirement placed on school districts by the Code or by administrative rules adopted by the State Board of Education that is unfunded; with exceptions. Provides that before a school district may lawfully discharge an unfunded mandate, it must hold a public hearing on the matter; sets forth requirements concerning the hearing. Requires a school board to report each unfunded mandate it has discharged to the State Board of Education, and requires the State Board to compile and report this information to the General Assembly each year. Repeals a Section of the Code concerning an unfunded mandates prohibition.