The board may direct the disposal of the authority's obsolete or surplus property, except for land purchased under the state's grant agreement, contract number 100/005-01-91, executed May 23, 1991, and any improvements thereon, which shall immediately be offered, at no cost, to the state. Any disposal of interest in land or improvements to real property purchased pursuant to the above mentioned grant agreement shall receive prior approval of the state building commission. Such disposal shall comply with the general law applicable to counties' sound business practices.
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