Tennessee § 49-8-111 - Powers regarding property.

§ 49-8-111. Powers regarding property.

Every college and university is authorized and empowered to sell or convey any lot, plot or tract of land that has been acquired through purchase, gift, devise or by any other means; provided, that: The land is unsuitable for use by the college or university at present or in the future, or not needed by the college or university; The state building commission approves of the sale or conveyance; and The college or university obtains certified appraisals of the land from two (2) recognized real estate appraisers in the locality of the college or university. The receipts from the sale or conveyance shall be deposited in the capital outlay fund of the selling college or university. Subsections (a) and (b) do not apply to the University of Tennessee system. The board of regents is authorized to sell, upon approval of the state building commission, property which has been acquired for use by the central office of the board. The proceeds from the sale may be used as the board determines; provided, that the use shall be for purposes that are long term and nonrecurring in nature and that are otherwise permitted by law. Funds shall only be expended pursuant to this subsection (d) if the expenditure is approved by the education committee of the senate and the education committee of the house of representatives. Acts 1973, ch. 408, § 1; T.C.A., § 49-3249; Acts 1994, ch. 906, §§ 1, 2; 2011, ch. 410, § 4(ee); 2015, ch. 182, § 75; 2016, ch. 869, § 11; 2019, ch. 345, § 120. Compiler's Notes. For the Preamble to the act concerning the prohibition against establishment of a special committee if there is a standing committee on the same subject, please refer to Acts 2011, ch. 410. Acts 2016, ch. 869, § 33 provided that the state university boards are authorized to promulgate rules to effectuate the purposes of this act. The rules shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.