MN SF3068

Amends Minnesota Statutes 2008, section 123B.51, subdivision 6, to govern how school districts must use proceeds from selling or exchanging school buildings or real property.

Districts with outstanding bonds must first deposit proceeds in the debt retirement fund to cover the proportional principal and interest payments attributable to the sold building or property.

After debt obligations are satisfied, districts with outstanding bonds may deposit remaining proceeds in the general fund reserved for operating capital account if used for polychlorinated biphenyls cleanup, capital expenditures for betterment of district-owned buildings, or replacing the sold building or property.

Allows districts with outstanding bonds to deposit and use the same percentage of sale proceeds as the percentage of the original building cost that was paid from the general fund reserved for operating capital account, without reducing levy limitations.

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