(1) The board of a school district that operates a community college under this part may transfer title of real or personal property owned by the school district to the state building authority in order to obtain capital financing from the state building authority for improvements to the property, even though the property continues to be required and used for community college or other school district purposes. The board of the school district shall give proper deeds, bills of sale, or other instruments necessary to pass title to the property.

  (2) Notwithstanding section 1263, the board of a school district that operates a community college may build or contract to build a school building for the community college upon a site for which the school district has a lease from the state building authority of less than 50 years.