(1) To provide an additional tool for maintaining financial solvency, the board of directors of a school district that is in binding conditions pursuant to RCW 28A.505.110 may request from the superintendent of public instruction authorization to sell real property of the district. The superintendent of public instruction, subject to the following conditions, may only grant the authorization if the school district demonstrates to the satisfaction of the superintendent of public instruction that:

(a) The sale is necessary to restore financial stability and prevent adverse impacts to student learning; and

(b) The proceeds from the sale will be used only for:

(i) Alleviating or concluding the financial burdens that caused or significantly contributed to the imposition of binding conditions on the school district; or

(ii) A temporary interfund loan authorized under RCW 28A.320.340.

(2) The office of the superintendent of public instruction shall adopt rules to implement this section that include provisions to ensure transparency and accountability, and to verify that the school district's use of the proceeds from any sale of real property aligns with the terms of the authorization. The rules required by this section must also prohibit a school district from receiving an authorization provided under this section more than once during a 10-year period.

(3) Nothing in this section exempts or shall be construed as exempting school districts from complying with the applicable requirements of section 1, chapter 224, Laws of 2025 when selling real property acquired through condemnation under chapter 8.16 RCW.

Reviser's note: This section was directed to be codified in chapter 28A.320 RCW, but placement in chapter 28A.335 RCW appears to be more appropriate.