W. Va. Code R. § 135-12-11

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 135-12-11 - Authorization to Sell Property; Use of Proceeds

11.1. The Council, Commission and governing boards each may sell all or part of any real property that it owns, either by contract or at public auction, and retain the proceeds of the transaction provided the following steps are taken:

11.1.1. Providing for property appraisal by two independent licensed appraisers. The property may not be sold for less than the average of the two appraisals;

11.1.2. Providing notice to the public in the county in which the real property is located by a Class II legal advertisement pursuant to West Virginia Code § 59-3-2;

11.1.3. Holding a public hearing on the issue in the county in which the real property is located;

11.1.4. For real property with a proposed sale price of $50,000 or greater, ten days prior to the placement of the Class II legal advertisement, providing written notice to the county commission and municipalities in the county in which the real estate property is located and all members of the legislature; and

11.1.5. In case of the Commission, notifying the Joint Committee on Government and Finance.

11.2. The Council, Commission or a governing board may not lease real property for an annual amount of greater than $50,000 without satisfying the obligations of 11.1.b. through 11.1.e.

11.3. The Council, Commission or a governing board shall deposit the net proceeds from the sale, lease, conveyance or other disposal of real property into a special revenue account in the State Treasury to be appropriated by the Legislature in the annual budget bill for the purchase of additional real property, equipment or technology, or for capital improvements or maintenance at the institution that sold the surplus real property.

11.4. For purposes that further the state goals, objectives and priorities for higher education set out in State code, the Council, Commission and each governing board may lease, as lessor, any real property that it owns, either by contract or at public auction, and retain the proceeds of the lease. The Council, Commission and each governing board may convey, transfer or exchange any real property it owns to any other public body.

W. Va. Code R. § 135-12-11