Maintaining the financial solvency of school districts.

HB 2551 allows school districts facing severe cash shortages (with less than 3% of annual revenue in reserves) to request permission from the state superintendent to sell underused property. To qualify, districts must prove the sale is necessary to restore financial stability, prevent harm to student learning, and use all sale proceeds solely to address the financial issues causing the crisis. The bill also requires the superintendent to establish rules ensuring transparency, prohibits districts from reapplying for this authority more than once every five years, and mandates that sale proceeds go to debt relief or capital projects, not general operations. It updates existing property sale rules to align with these new conditions while maintaining standard appraisal and bidding requirements for property sales.