(a) (1) (A) If the Adjutant General of the State of Arkansas determines that any military reservation, armory, landing field, hangar, or any other estate in real property owned or possessed by the State of Arkansas for the use and benefit of the Arkansas National Guard or the armed forces of the United States is no longer useful or necessary for National Guard or other military purposes, the Adjutant General shall then have authority to sell, convey, or otherwise dispose of the property.

(B) The Adjutant General may sell, convey, or otherwise dispose of property under this section by deed, lease, license, permit, or other instrument executed by him or her on behalf of and in the name of the State of Arkansas.

(C) The Adjutant General shall approve the price, consideration, and other terms and conditions related to the sale, conveyance, or other disposal of property under this section.

(2) The Adjutant General may also enter into agreements with cities, counties, school boards, other political subdivisions of the state, or any other public entity, body, board, commission, agency, or governmental corporation to convey an estate in real property or other improvements formerly used for National Guard purposes to the political subdivision or public entity in the event the Adjutant General determines that the transfer would be in the better interest of the National Guard and the local community, subject to any reversionary interest that may exist with respect to the estate in favor of the State of Arkansas or of the United States.

(3) Any conveyance under this section is subject to the approval of the Secretary of the Army or the Secretary of the Air Force, as the case may be, and in compliance with applicable regulations and instructions.

(b)

(1) When and if, in the judgment of the Adjutant General, the use of any parcel of real property or any armory, warehouse, or other improvements thereon located owned by or leased to the State of Arkansas for the use and benefit of the National Guard or any portion thereof is temporarily not required and not necessary for National Guard purposes, the Adjutant General shall have authority to lease or sublease any real property or portion thereof for such a rental and on such terms and conditions and for such a period of time as the Adjutant General shall deem to the best interest of the National Guard. The lease or sublease contract shall be executed by the Adjutant General for and in the name and behalf of the State of Arkansas.

(2) Every lease contract shall contain suitable provision for the immediate suspension or termination of the contract in the event of the occurrence of an emergency rendering the use of the property by the National Guard necessary for its military purposes and may provide for a refund out of the Special Military Fund to the lessee or sublessee of a rental paid in advance for the period covered by the lease during which the lessee or sublessee is by reason of the emergency deprived of the use of the property.

(c) (1) (A) Before the Adjutant General shall lease, rent, sell, convey, or otherwise dispose of any estate in any real property or improvement on the property other than a lease or rental for thirty (30) days or less for the use of real property, buildings, armories, airfields, or other improvements that are temporarily not required for military purposes, he or she shall publish a notice one (1) time in some newspaper published and having a general circulation in the state at least ten (10) days before the date on which the property is offered for conveyance or disposal.

(B) The notice shall describe the estate or property and notify all interested persons that the estate or property will be conveyed or disposed of and of the conditions, terms, time, and place at which bids or requests for proposals shall be received for the estate or property.

(2) Bids or proposals for the conveyance, disposal, purchase, lease, or other disposition of the estate in any real property substantially on the terms specified in the notice shall be received by the Adjutant General at the time and place specified in the notice in the form of open or sealed bids or requests for proposals, as the Adjutant General may direct.

(3) Subject to the Adjutant General's right to reject all bids and proposals, the property shall be conveyed to the person, firm, or corporation submitting the bid or proposal which in the judgment of the Adjutant General, taking into consideration the amount to be paid and the terms and conditions of the conveyance, is most advantageous to the security and interests of the State of Arkansas and the United States.

(d)

(1) The purchase price, rental, or other moneys to be paid for the conveyance of the estate or property for a period of more than thirty (30) days under the terms, conditions, and consideration of the conveyance shall be deposited into the State Treasury.

(2) The moneys shall be credited to the Special Military Fund, to be used by the Adjutant General for the purposes of constructing, repairing, or maintaining hangars, armories, or other property held by the State of Arkansas for the use and benefit of its National Guard, subject to any priority interest of the United States in such proceeds.