1.1 	A bill for an act
1.2 	relating to education; requiring Independent School
1.3 	District No. 621, Mounds View, to establish a trust
1.4 	fund for the proceeds from the sale of property to use
1.5 	for general operating purposes.
1.6 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.7 	Section 1. MOUNDS VIEW; SALE OF PROPERTY.
 1.8 	(a) Independent School District No. 621, Mounds View, must
1.9 	establish a trust fund for the proceeds from its sale of the
1.10 	Hills of Oaks property in Shoreview, Minnesota.  Notwithstanding
1.11 	Minnesota Statutes, section 123B.79 or 123B.80, on June 30,
1.12 	2004, the district must permanently transfer the proceeds of the
1.13 	sale from the reserved operating capital account in its general
1.14 	fund to the trust fund.  If the sale of the Hills of Oaks
1.15 	property has not been completed and the proceeds have not been
1.16 	deposited on or by June 30, 2004, in the reserved operating
1.17 	capital account, then when the sale is completed, the school
1.18 	district must deposit the proceeds from the sale directly into
1.19 	the trust fund.
1.20 	(b) The district may only use the proceeds from the sale of
1.21 	the property described in paragraph (a) for general operating
1.22 	expenses.

1.23 	EFFECTIVE DATE. This section is effective the day
1.24 	following final enactment.