Subd. 1. Board authority; contracts.

A school board may enter into a contract with advertisers, sponsors, or others regarding advertising and naming rights to school facilities under the general charge of the district. A contract authorized under this section must be approved by the school board. The powers granted to a school board under this section are in addition to any other authority the school district may have.

Subd. 2. Authorized agreements.

A school district may enter into a contract to:

1. (1) lease the naming rights for school facilities, including school buildings, ice arenas, and stadiums;
2. (2) sell advertising on or in the facilities listed in clause (1); and
3. (3) otherwise enter into an agreement with a sponsoring agent.

Subd. 3. Revenue uses.

Revenue generated under this section must be used according to a plan specified by the school board.