Salado, TX (FOX 44) -- Governor Greg Abbott signed a historic school funding bill into law during a ceremony in Salado.

The $8.5 billion measure, called House Bill 2, establishes dedicated funding streams for public schools to use on targeted initiatives.

The funding includes $1.3 billion for insurance and teacher pensions, $4.2 billion for teacher pay raises, over $2.2 billion for special education, childcare, and school safety, and $800 million for rural schools.

The new school funds are restricted to specific uses, such as teacher pay raises limiting flexibility.

"House Bill 2 ensures that our schools are funded better than ever. Teacher pay, instead of funding for all time highs, reading and math performance, is on an upward trajectory. And students will be better prepared for the

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