A school board may enter into a contract with advertisers, sponsors, or others regarding advertising and naming rights to school facilities under the general charge of the district. A contract authorized under this section must be approved by the school board. The powers granted to a school board under this section are in addition to any other authority the school district may have.
A school district may enter into a contract to:
(1) lease the naming rights for school facilities, including school buildings, ice arenas, and stadiums;
(2) sell advertising on or in the facilities listed in clause (1); and
(3) otherwise enter into an agreement with a sponsoring agent.
Revenue generated under this section must be used according to a plan specified by the school board.