(a) Notwithstanding any other provision of law or this code to the contrary, the commission, council and governing boards each may sell, lease, convey or otherwise dispose of all or part of any real property that it owns, either by contract or at public auction, and retain the proceeds of the transaction.
The commission, council and governing boards may not sell, lease, convey or otherwise dispose of any real property without first performing the following steps:
(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;
(2) Providing notice to the public in the county in which the real property is located by a Class II legal advertisement pursuant to section two, article three, chapter fifty-nine of this code;
(3) Holding a public hearing on the issue in the county in which the real property is located; and
(4) In the case of the commission, notifying the Joint Committee on Government and Finance.
(b) The commission, council 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.