2009 West Virginia Code
CHAPTER 18B. HIGHER EDUCATION
ARTICLE 14. MISCELLANEOUS.
§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.