W. Va. Code R. § 135-12-15 - Authorization for Sale Lease-Back
15.1. 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
Council or confirmation of the Commission 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:
15.1.1. 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
15.1.2. Providing notice to the public in the
county in which the real property is located by a Class II legal advertisement
pursuant to section two, article three, chapter fifty-nine of this
code;
15.1.3. Holding a public
hearing on the issue in the county in which the real property is
located;
15.1.4. 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
15.1.5. Retain independent financial and
legal services to examine fully all aspects of the transaction.
15.2. 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.
Notes
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