(a) A school district in the State of Arkansas that is consolidated with one (1) or more school districts may:

(1) Sell a building or real property owned by the school district that is no longer used by the school district at a fair market value;

(2) Preserve a building or real property owned by the school district that is no longer used by the school district;

(3) Lease a building or real property owned by the school district that is no longer used by the school district; or

(4) Donate a building or real property owned by the school district that is no longer used by the school district as allowed under § 6-21-108(b).

(b) If the school district sells or otherwise disposes of a building or real property to a person or entity under this section, then:

(1) The school district shall have the right of first refusal to purchase or otherwise reacquire the building or real property if the person or entity decides to sell the building or real property; and

(2) The sale price of the building or real property when repurchased or otherwise reacquired by the school district shall not:

(A) Exceed the price that the person or entity paid the school district for the building or real property; and

(B) Include compensation for improvements to the building or real property.

(c) (1) If a school district is unable to secure a purchaser or lessor for an unused building or real property at or near fair market value, a school district shall advertise once per month for three (3) consecutive months the unused building or real property for sale or lease by the school district:

(A) In a newspaper in circulation in the county in which the unused building or real property is located; and

(B) In a newspaper with statewide circulation.

(2) (A) If an acceptable fair market value offer has not been made and accepted by the board of directors of a school district after ninety (90) days from the date of the initial advertisement, the school district board of directors may petition the circuit court in Pulaski County to issue an order declaring that it is in the best interest of the school district to dispose of the building or real property and authorizing:

(i) A bona fide sale or lease offer from a qualified purchaser or lessor, the value of which is less than fair market value; or

(ii) A public sale by auction, including the reserve purchase price.

(B) In determining whether it is in the best interest of the school district to dispose of the building or real property, the court may consider factors, including without limitation:

(i) The efforts made by the school district board of directors to market and advertise the unused building or real property; and

(ii) The projected cost to the school district of insuring and maintaining the unused building or real property.

(3) The purchase price of a building or real property by judicial order is considered a valid purchase price and may be used to determine the fair market value of unused buildings and real property in other school districts.

(d) The proceeds of the sale or lease of an unused building or real property under this section, excluding expenses, shall be used by the school district for school purposes.