The bill introduces a new section to chapter 28A.335 RCW, allowing school districts with an estimated ending fund balance of three percent or less of their total revenues to request authorization from the superintendent of public instruction to sell real property. The superintendent may grant this authorization only if the school district demonstrates that the sale is necessary for financial stability, to prevent adverse impacts on student learning, and that the proceeds will be used solely to alleviate financial burdens. Additionally, the superintendent's office is tasked with adopting rules to ensure transparency and accountability in the use of sale proceeds, including a prohibition on receiving authorization more than once every five years.

The bill also amends existing laws regarding the sale of school district real property, incorporating the new authorization process. It specifies that the board of directors can sell property no longer needed for school purposes, provided they follow public notice and hearing requirements, and ensures that sales are preceded by a market value appraisal. Proceeds from such sales are generally required to be deposited into the debt service or capital projects fund, with certain exceptions outlined, including those related to the new section introduced in this act.

Statutes affected:
Original bill: 28A.335.120, 28A.335.130