PEABODY -- North Shore educators gather at Veterans Memorial High School Tuesday to discuss a new plan to provide millions of dollars for new school construction.

State Sen. Frederick Berry and state Treasurer Timothy Cahill will discuss the revised school construction assistance plan passed by the Legislature in July. The plan establishes an independent school construction authority and designates the treasurer as its chief.

"This plan will pay off current school building contract obligations as well as fund all projects currently on the waiting list in just three and a half years. Additionally, under the reformed authority, we will accommodate new demand in future years," Cahill said.

State school building assistance money helped Lynn build a new Classical High School and expand its two other public high schools. Revere is funding most of a $38 million West Revere school complex project with state building money and Swampscott's $47 million high school project is on a state reimbursement list.

A total of $5.5 billion worth of school projects are slated to receive state money over the next 20 years. The project list includes 425 schools.

Under the reform legislation, a penny of the state sales tax, phased in over seven years, would be dedicated to school building construction assistance. The state would also issue $1 billion in bonds to cover building costs.

Berry credited Cahill with drafting an outline of the school building reform plan approved by the Legislature.

"The treasurer came up with an innovative reform package that the Legislature enacted," Berry said.