SF 1470

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 establish a trust
fund for the proceeds from the sale of property to use
for general operating purposes.

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) Independent School District No. 621, Mounds View, must
establish a trust fund for the proceeds from its sale of the
Hills of Oaks property in Shoreview, Minnesota. Notwithstanding
Minnesota Statutes, section 123B.79 or 123B.80, on June 30,
2004, the district must permanently transfer the proceeds of the
sale from the reserved operating capital account in its general
fund to the trust fund. 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 directly into
the trust fund.
new text end

new text begin (b) The district may only use the proceeds from the sale of
the property described in paragraph (a) for general operating
expenses.
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