WVC 18 B- 19 - 14
§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.