(a) The board shall report to the legislature a trade of land dedicated to the permanent school fund. The board shall report the trade at:
(1) the first regular session of the legislature occurring after the trade if the legislature is not meeting in regular session at the time the trade is made; or
(2) the regular session of the legislature occurring at the time of the trade if the legislature is meeting in regular session at the time the trade is made.
(b) The report must state the facts that warranted the trade.