164.410 Acquisition and sale of property -- Disposition of surplus property.

213 words·~1 min read·/ky/chapter-164/164-410

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The governing board of a postsecondary education institution may purchase or lease

land under KRS 164A.575 for the purpose of securing the erection of buildings and

may receive by any legal mode of conveyance, purchase, and hold property under

KRS 164A.575 of any description that the board deems necessary for the purposes

of the school, and may build and construct improvements for such purposes and

hold or sell the same. If a governing board is unable to agree with the owner of the

real estate as to its value, or to its purchase, it may proceed in its own name to

condemn the real estate in the manner provided in the Eminent Domain Act of

Kentucky. Real estate acquired by purchase or condemnation shall be paid for out of

money appropriated to the institution.

(2)The governing board of each institution shall periodically review the assets of the

institution and shall sell and convey under KRS 164A.575 those assets not

necessary for implementing the institutional mission. Proceeds from the disposition

shall be deposited in the unexpended plant fund account or in the fund for

excellence authorized by KRS 164A.620.

(3)Any real property acquired under this section shall be in name of the

Commonwealth for the use and benefit of the institution.