2015 West Virginia Code
CHAPTER 18B. HIGHER EDUCATION
ARTICLE 19. CAPITAL PROJECTS AND FACILITIES NEEDS.
§18B-19-14. Authorization for sale lease-back.
(a) Notwithstanding any other provision of this code to the contrary, a governing board may sell any building that is on unencumbered real property to which the board holds title and may lease back the same building if the governing board obtains approval of the commission or council, as appropriate, before incurring any obligation. The board shall 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. Prior to such action, the board shall take the following steps:
(1) Provide for the property to be appraised by two licensed appraisers. The board may not sell the property for less than the average of the two appraisals; and
(2) Retain independent financial and legal services to examine fully all aspects of the transaction.
(b) The sale may be made only to a special purpose entity that exists primarily for the purpose of supporting the institution at which the building is located.
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