49-16B-43. Conveyance of property to state by authority. To accomplish projects of the kind listed in § 49-16B-10, the authority shall convey property, without charge, to the Department of Transportation if and when all debts which have been secured by the income from the property have been paid. In addition, the railroad authority may, prior to the payment of all debts secured by such property, convey property to the state or its subdivisions for public purposes or improvements, if the sale of secured property is made only after a finding by the railroad authority that the sale does not materially or adversely affect the interests of secured creditors and if the proceeds from any sale shall be used to reduce or provide for the payment of any outstanding debt.
Source: SL 1980, ch 323, § 38; SL 1981, ch 329, § 4; SL 1996, ch 20, § 28.
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