1.1 	A bill for an act
1.2 	relating to education; requiring Independent School
1.3 	District No. 621, Mounds View, to use proceeds from
1.4 	sale of property to prevent school closings in the
1.5 	district.
1.6 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.7 	Section 1. MOUNDS VIEW; SALE OF PROPERTY.
 1.8 	(a) Notwithstanding Minnesota Statutes, section 123B.79 or
1.9 	123B.80, on June 30, 2004, Independent School District No. 621,
1.10 	Mounds View, must permanently transfer the proceeds from its
1.11 	sale of the Hills of Oaks property in Shoreview, Minnesota, from
1.12 	its reserved operating capital account in its general fund to
1.13 	its undesignated general fund balance.  If the sale of the Hills
1.14 	of Oaks property has not been completed and the proceeds have
1.15 	not been deposited on or by June 30, 2004, in the reserved
1.16 	operating capital account, then when the sale is completed, the
1.17 	school district must deposit the proceeds from the sale into its
1.18 	undesignated general fund balance.
1.19 	(b) The district must use the proceeds from the sale of the
1.20 	property described in paragraph (a) only to prevent school
1.21 	closings in the district.

1.22 	EFFECTIVE DATE. This section is effective the day
1.23 	following final enactment.