SB 881
Modifying authority of certain higher education entities to sell and transfer property
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill modifies the rules for West Virginia higher education institutions when they sell or transfer property. It requires more specific procedures, including independent property appraisals, public notice, and public hearings, before selling property purchased with public funds or received as gifts. The proceeds from these sales must be deposited into a special state account. The bill also outlines specific requirements for leasing property and transactions between higher education entities and corporations.
Key provisions
- Requires two independent property appraisals before selling property purchased with public funds.
- Mandates public notice through a legal advertisement and a public hearing before selling property.
- Requires written notice to county commissions, municipalities, and legislators for sales of property valued at $50,000 or more.
- Sets a maximum annual lease amount of $150,000, subject to the same notification requirements as sales.
- Specifies that proceeds from property sales must be deposited into a designated state account.
- Outlines specific rules for transactions between higher education entities and corporations.
- Addresses the sale of gifted or devised property, mirroring the requirements for sales of property purchased with public funds.
- Clarifies that transactions between higher education entities are subject to specific state codes.
Who is affected
- West Virginia Higher Education Policy Commission
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours