(a) Upon completion of a dwelling unit or other building project, the governing body of the technical institute or secondary area technical center shall cause the dwelling unit or building project to be appraised by a qualified real estate appraiser.
(b)
(1) Upon receipt of the appraisal, the governing body of the technical institute or secondary area technical center shall cause notice to be published in one (1) or more newspapers of general circulation in the area that the dwelling unit or other building project will be sold by sealed bid to the highest bidder above the appraised value thereof.
(2)
(A) The notice shall state the location of the dwelling unit or building project and the date, time, and place at which the sealed bids will be received.
(B) The date shall be at least two (2) weeks after the date of the publication of the notice.
(c) No dwelling unit or other building project shall be sold for an amount less than the appraised value of the property.
(d)
(1) If no bid equals or exceeds the appraised value of the property, all bids shall be rejected, and the property shall again be advertised and offered for sale as provided in subsection (b) of this section within ninety (90) days after the first bid opening.
(2) This procedure of advertising for and receiving bids on the property shall be continued until the property is sold.
(e) The provisions of this section do not apply to any building project for a state agency, which shall reimburse the technical institute or secondary area technical center for the actual costs incurred in the completion of the project.
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