SF 140

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to education; requiring Independent School
District No. 621, Mounds View, to use proceeds from
sale of property to prevent school closings in the
district.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin MOUNDS VIEW; SALE OF PROPERTY.
new text end

new text begin (a) Notwithstanding Minnesota Statutes, section 123B.79 or
123B.80, on June 30, 2004, Independent School District No. 621,
Mounds View, must permanently transfer the proceeds from its
sale of the Hills of Oaks property in Shoreview, Minnesota, from
its reserved operating capital account in its general fund to
its undesignated general fund balance. If the sale of the Hills
of Oaks property has not been completed and the proceeds have
not been deposited on or by June 30, 2004, in the reserved
operating capital account, then when the sale is completed, the
school district must deposit the proceeds from the sale into its
undesignated general fund balance.
new text end

new text begin (b) The district must use the proceeds from the sale of the
property described in paragraph (a) only to prevent school
closings in the district.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day
following final enactment.
new text end