§ 37-7-487. Estimation and pledge of revenues by school districts; “revenues” defined; authorization to enter into development agreements
Notwithstanding any other provision of law, a school district may estimate the amount of revenues, as defined herein, to be generated from any parcel or parcels of any type of property within the school district and may irrevocably pledge such revenues to the repayment of any debt or other obligation which the district may issue […]
§ 37-7-481. School boards empowered to exercise authority conferred
The authority conferred by Sections 37-7-471 through 37-7-483 may be exercised by the existing school board of any school district in which any such school building, land, property or other school facility is located or situated. Such school board may contract with any other school board, or any other governmental entity, to assign and transfer […]
§ 37-7-483. Declaration of legislative intent; relationship of provisions with other laws
The Legislature hereby declares that it is its intention and purpose to authorize and permit each and every type of disposition of property permitted in Sections 37-7-471 through 37-7-481 and by each and every type of transfer mentioned, and by every combination possible thereunder. Said sections shall be construed to be supplemental to Sections 37-7-451 […]
§ 37-7-485. School Property Development Act; optional method of disposal of surplus school property to generate greater revenue than public sale; school boards authorized to sell, convey or exchange nonoperational property interest in proposed development projects; school boards authorized to contract with other entities for development, design, construction, financing, ownership and operation of surplus school property; school boards authorized to pledge revenues received under Sections 37-7-471 through 37-7-483 for repayment of notes and other obligations; sound business practices to be used; public record of final and signed contract; restrictions on persons related by consanguinity or affinity to members of school board or superintendent from having interests in project; conditions on exercise of option to enter into development agreement; certification regarding statements of economic interest; property developed to be deemed for school or educational purposes
This section shall be referred to as the “School Property Development Act of 2005.” It is the intent of the Legislature that this section shall provide school boards with an alternative optional method of disposal of surplus school property that may generate greater returns to the district than a public disposal sale, or to promote […]
§ 37-7-471. Authorization of sale, lease, etc., of property not used for school purposes; terms, conditions and consideration of sale
Whenever the school board of any school district shall find and determine, by resolution duly and lawfully adopted and spread upon its minutes: That any school building, land, property or other school facility is no longer needed for school or related purposes and is not to be used in the operation of the schools of […]
§ 37-7-473. Persons to whom property may be disposed; authorized uses
School buildings, land, property and related facilities may be sold, conveyed, leased or otherwise disposed of under Sections 37-7-471 through 37-7-483, to any charter school, to any group of persons, to any association, club or corporation, or to any county, municipality or other political subdivision, to be used as a charter school facility, to be […]
§ 37-7-475. Execution of conveyance or lease by president and secretary of board
Upon being authorized by a resolution of the school board as is provided by Section 37-7-471, the president and secretary shall be authorized and empowered to execute, for and on behalf of the school district, a conveyance or lease of the property for the purposes, upon the terms and conditions, and for the consideration provided […]
§ 37-7-477. Reverter provisions in instrument disposing of property where board retains no interest; section not applicable to acquisition by United States of school or other real property possessed by state
Unless a school board retains a partial interest, or undivided interest or other ownership interest in the school property being conveyed, any instrument conveying or leasing any school property under the provisions of Sections 37-7-471 through 37-7-483, shall provide that the title to such property shall automatically revert to the school district, if such property […]
§ 37-7-479. Conditions under which disposed of property may later be sold; disposition of proceeds of sale
Any group of persons, any association, club or corporation, or any county, municipality or other political subdivision having acquired school buildings, land, property or related facilities under the provisions of Sections 37-7-471 through 37-7-483, may, by resolution duly adopted at a regular or special meeting called and convened for such purpose, determine that such school […]