This bill proposes the termination of the Board of Educational Lands and Funds by July 1, 2027, and outlines the transition of responsibilities to the Department of Administrative Services. Upon the board's termination, the department will take control of all school lands previously managed by the board and will be responsible for selling these lands as their leases expire. The most recent lessee will have the right of first refusal to purchase the land, and if they choose not to, the land will be sold at public auction. The proceeds from these sales will be directed to the State Treasurer for the permanent school fund, while any remaining funds in the temporary school fund as of the termination date will be distributed to the state's school districts.

Additionally, the bill amends section 72-201 of the Revised Statutes Cumulative Supplement, 2024, to reflect these changes and repeals the original section. The new provisions ensure a structured transition of land management and financial responsibilities, aiming to streamline the process and enhance the benefits to the state's educational funding.

Statutes affected:
Introduced: 72-201