Establishes in state constitution a system of independent public community college districts and Board of Governors. Generally, requires minimum levels of state funding for school districts and community college districts to be calculated separately, using different criteria and separately appropriated. Allocates 10.46 percent of current Proposition 98 school funding maintenance factor to community colleges. Sets community college fees at $15/unit per semester; limits future fee increases. Provides formula for allocation by Legislature to community college districts that would not otherwise receive general fund revenues through community college apportionment. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Potential increases in state spending on K-14 education of about $135 million in 2007-08, $275 million in 2008-09, and $470 million in 2009-2010, with unknown impact annually thereafter. Annual loss of fee revenues to community colleges of about $71 million in 2007-08, with unknown impacts annually thereafter.