MN SF2638

Requires quarterly distributions from the minerals management account to the permanent school fund, permanent university fund, and taxing districts when the account balance exceeds $3,000,000 on March 31, June 30, September 30, or December 31, distributed proportionally based on previous biennium mineral lease revenue.

Excludes school trust lands and university lands from Class 1 land definitions in expedited land exchanges under section 94.3495.

Allows school trust lands and university lands to be exchanged for lands of equal or greater value, rather than substantially equal value required for other lands.

Appropriates $500,000 in fiscal year 2017 from the general fund to the school trust lands director for private sales of surplus school trust lands, including valuation expenses, legal fees, and transactional costs.

Maintains reservation provisions and 40-year reversionary interests in land exchanges, with approval authority remaining with the commissioner of natural resources for former Class 1 land, county boards for former Class 2 land, and governing bodies for former Class 3 land.