§18B-14-3 Southern West Virginia community college authorization to sell property; use of net proceeds. - West Virginia Statutes

§18B-14-3. Southern West Virginia community college authorization to sell property; use of net proceeds.

Notwithstanding the provisions of article one-a, chapter twenty of this code, southern West Virginia community college, with the approval of the board of directors, is hereby authorized and empowered to sell any surplus real property and deposit the net proceeds into a special revenue account to be utilized for the purchase of additional real property or for capital improvements: Provided, That prior to such action the board of directors shall have the property appraised by two licensed appraisers and shall not sell the property for less than the average of the two appraisals: Provided, however, That the net proceeds which exceed the funds needed for the purchase of real property or for capital improvements may be transferred to other accounts or funds and redesignated for other purposes by appropriation of the Legislature.