§ 115D-15. Sale, exchange or lease of property; use of proceeds from donated property. - North Carolina Statutes

§ 115D‑15.  Sale, exchange or lease of property;use of proceeds from donated property.

(a)        The board of trustees of any institution organized underthis Chapter may, with the prior approval of the North Carolina CommunityColleges System Office, convey a right‑of‑way or easement forhighway construction or for utility installations or modifications. When in theopinion of the board of trustees the use of any other real property owned orheld by the board of trustees is unnecessary or undesirable for the purposes ofthe institution, the board of trustees, subject to prior approval of the StateBoard of Community Colleges, may sell, exchange, or lease the property. Theboard of trustees may dispose of any personal property owned or held by theboard of trustees without approval of the State Board of Community Colleges.

Article 12 of Chapter 160A of the General Statutes shall apply to thedisposal or sale of any real or personal property under this subsection.Personal property also may be disposed of under procedures adopted by the NorthCarolina Department of Administration. The proceeds of any sale or lease shallbe used for capital outlay purposes, except as provided in subsection (b) ofthis section.

(b)        Subject to rules adopted by the State Board, if real orpersonal property is donated to a community college to support a specificeducational purpose, the board of trustees may use the proceeds from the saleor lease of the property according to the terms of the donation. The board oftrustees shall use the procedures authorized under Article 12 of Chapter 160Aof the General Statutes when selling or leasing property under this subsection.(1969, c. 338; 1979, c. 462, s. 2; c. 896, s. 13;1979, 2nd Sess., c. 1130, s. 1; 1998‑72, s. 1; 1998‑217, s. 39;2001‑82, s. 1.)