Bill Summary: HF435

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

• Creates a seven-member Board of Trustees appointed by the governor with senate consent for six-year terms, with six members selected from nomination lists and one member appointed at the governor's discretion.

• Vests all authority for forest and minerals management on school trust lands with the board and director of the new administration, including land exchanges, leasing, sales, and revenue management.

• Requires the director and board to manage trust lands for maximum long-term economic return while balancing current beneficiary income with preservation of trust assets for future beneficiaries.

• Transfers staff, assets, and budget responsibilities from the Department of Natural Resources to the new administration, with policies previously adopted by DNR remaining in effect until amended or repealed by the board.