Section 5-2-2.1 - Sale of realty by Board of Regents, Department of Corrections, and Department ofHuman Services--Crediting, investment, and deposit of proceeds.
5-2-2.1. Sale of realty by Board of Regents, Department of Corrections, and Department of Human Services--Crediting, investment, and deposit of proceeds. The Board of Regents, the Department of Corrections, and the Department of Human Services may sell extraneous real property subject to the provisions of the Constitution and approval of the Legislature.
The proceeds from a sale of such land under the Board of Regents shall be deposited with the state treasurer and credited to a fund specifically designated as the "real property acquisition and capital improvement fund" for each institution under the Board of Regents involved in such transaction. The proceeds shall be invested by the State Investment Council in accordance with chapter 4-5. Expenditures from the fund shall be approved by the Legislature.
The proceeds from the sale of land under the Department of Corrections and the Department of Human Services shall be deposited in the Department of Corrections building improvement fund and the Department of Human Services building improvement fund which are hereby created in the state treasury.
Source: SL 1976, ch 7, § 1; SL 1982, ch 256, § 3; SL 1989, ch 20, § 52; SL 1989, ch 49, § 1; SL 1990, ch 30, § 18.