Find Laws Find Lawyers Free Legal Forms USA State Laws

WEST VIRGINIA STATUTES AND CODES

§18B-14-5a Authorization for sale lease back.

§18B-14-5a. Authorization for sale lease back.
Notwithstanding any other provisions of this code to the contrary and upon approval of the commission before incurring any obligations, the governing boards are hereby authorized and empowered to sell any building which is on unencumbered real property to which the board holds title and lease back the same building and deposit the net proceeds of the transaction into a special revenue account in the state treasury to be appropriated by the Legislature for the use of the institution at which the real property is located: Provided, That prior to such action the appropriate governing board 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 prior to such action, the governing board shall retain independent financial and legal services to examine fully all aspects of the transaction. Such sale may only be made to a special purpose entity which exists primarily for the purpose of supporting the institution at which the building is located.

West Virginia Forms by Issue

West Virginia Court Forms
> DUI
> Domestic Violence
West Virginia Tax Forms

West Virginia Law

West Virginia State Laws
    > West Virginia Child Support
    > West Virginia Gun Laws
    > West Virginia State Laws
West Virginia Tax
    > West Virginia State Tax
West Virginia Agencies
    > West Virginia Department of Education

West Virginia Court Map

Tips