Senate Bill 681 Summary

• Restricts public school academies, urban high school academies, schools of excellence, and strict discipline academies from leasing or purchasing real property from educational management organizations with which they have management agreements, affiliated real estate holding companies, or persons affiliated with such entities.

• Requires school boards to approve real property lease or purchase agreements and ensure terms reflect current market conditions as verified by appraisals conducted by licensed independent real estate appraisers.

• Mandates that school boards have all real property lease or purchase agreements reviewed by the academy's authorizing body before execution.

• Requires authorizing bodies to notify the superintendent of public instruction and state board if they suspect a property transaction violates the restrictions or does not reflect fair market conditions.