-Mandates that the Colorado Department of Education apply for a federal waiver that would permit the use of the "curriculum-based, achievement college entrance exam" as the sole statewide assessment test for high school (Sec. 3).
-Creates the Teacher Development Fund and the Dropout Prevention Activity Grant Fund and specifies that the savings resulting from the reduction of testing brought about by this bill shall be used to finance these two Funds (Secs. 4, 8).
-Strikes the writing component from the Colorado Student Assessment Program (Sec. 2).