MN SF3042

Creates the Permanent School Trust Lands Administration as an independent state agency, effective July 1, 2013, to manage Minnesota's school trust lands separate from the Department of Natural Resources.

Establishes a seven-member Board of Trustees appointed by the governor with senate consent for staggered six-year terms, with board member qualifications in nonrenewable resources, renewable resources, real estate, finance, and law.

Creates an 11-member nominating committee to recommend board candidates, including appointees from the commissioner of education, governor, University of Minnesota, timber industry, mining industry, Department of Natural Resources, and Association of Minnesota Counties.

Directs the administration to manage school trust lands to maximize long-term economic return for the permanent school fund while maintaining conservation principles, requiring fair market value returns for land sales and exchanges.

Transfers all personnel, equipment, and assets related to permanent school fund land management from the Department of Natural Resources to the new administration effective July 1, 2013.