An initiative relating to K-12 public school funding; identifying the purpose of this initiative as providing adequate and stable funding for local K-12 public schools; adding one percent (1%) sales tax rate, effective July 1, 2007, or requiring legislature to develop alternative revenue stream for this component of K-12 local public school funding; creating the Idaho Local Public Schools Investment Fund which, along with other revenue sources, will be used exclusively for K-12 public education, and which must be used for supporting students in the classroom and improving local schools; requiring annual accountability reports from local school boards on use of increased revenues; requiring that increased revenues in the Idaho Local Public Schools Investment Fund augment, not replace, current K-12 public school support revenue, establishing the method to compute each year's general fund appropriation for public schools; providing for distribution of increased revenues through the current K-12 public school funding mechanism; requiring advisory revote on Act in year 2020; and containing a severability clause.