The board of trustees of any agricultural high school in the state, which on account of loss or destruction of school property by fire, storm, or other like unforeseen disaster, can no longer be maintained and operated successfully, is, with the approval of the board of supervisors, hereby authorized to sell and dispose of the lands, buildings, and other property belonging to such school, and place the proceeds derived from the sale of same to the credit of the county common school fund.
Sale of said property may be made at public or private sale on such terms as the board of trustees may elect, subject to the approval of the board of supervisors. In case of sale on credit, the deferred payments shall be evidenced by notes payable to the county, for the benefit of the county common school fund and shall bear interest at a rate of not less than six percent (6%) per annum, and the county shall have a lien on the property for the purchase-money, as against all persons, until paid.
The deed or deeds of conveyance shall be executed by the president or chairman and the secretary of the board of trustees, pursuant to an order of the board of trustees, entered on its minutes, and pursuant to an order of approval by the board of supervisors entered on its minutes, and when so executed shall be fully effective to convey title to said property.
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