NOTE: For legal requirements for the disposition of real property acquired with federal funds, see Policy CBB.
SALE, LEASE, OR EXCHANGE OF REAL PROPERTY AND INTERESTS IN REAL PROPERTY
The sale, lease, or exchange, of the School’s real property shall be authorized by the legislature and administered by the Asset Division of the General Land Office. The General Land Office will log and track all state land grants to TSBVI. Natural Resources Code 31.158
LEASE OF OIL AND NATURAL GAS PRODUCTION
Negotiations of mineral leases will be performed by the General Land Office through the Sealed Bid Sales GLO Energy website. The General Land Office will manage the School’s oil and gas leases. Nat. Res. Code 52.001et. seq.
OTHER LEASE OF PROPERTY BEQUEATHED TO THE SCHOOL
The Board of Trustees may enter into arrangements, such as agricultural leases, to obtain revenue from the use of real property bequeathed to the School. Education Code 30.022(i) [See Policy CDCA]
NOTE: Regarding disposal of school buses, see Policy CNB. Regarding disposal of school-owned personal property, see Policy CMD, CBB (for federal property), and warehouse procedures based upon the Comptroller’s State Property Accounting (SPA) Capital Assets User’s Guide. Regarding geospatial data products, see Policy CQA.
Amended: 11/14/97, 8/6/21
Reviewed: 9/24/99, 1/24/02, 11/19/04, 4/3/09, 6/3/15