HF2850 Summary

• Amends Minnesota Statutes 2008, section 123B.51, subdivision 6, regarding proceeds from the sale or exchange of school buildings and real property.

• Provides school districts with outstanding bonds the flexibility to deposit proceeds in their general fund reserved for operating capital account after satisfying debt retirement fund requirements.

• Allows districts with outstanding bonds to use proceeds from building sales for lawful operating capital expenditures without reducing levy limitations, proportional to the initial cost of the building paid from the operating capital account.

• Effective for buildings sold or exchanged on or after July 1, 2010.