Kansas Statutes 76-7,152. Sale of real property gifted to state educational institutions; policies of board of regents; reports to legislature; exemption
Terms Used In Kansas Statutes 76-7,152
- Bequest: Property gifted by will.
- Board of regents: means the state board of regents provided for in the constitution of this state and described in article 32 of chapter 74 of Kansas Statutes Annotated and amendments thereto. See Kansas Statutes 76-711
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Institution: means any institution under the control and supervision of the state board of regents. See Kansas Statutes 76-739
- Property: includes personal and real property. See Kansas Statutes 77-201
- real property: include lands, tenements and hereditaments, and all rights to them and interest in them, equitable as well as legal. See Kansas Statutes 77-201
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: means the state of Kansas. See Kansas Statutes 76-779
- State board: means the state board of regents. See Kansas Statutes 76-7,126
- State educational institution: means the university of Kansas, Kansas state university of agriculture and applied science, Wichita state university, Emporia state university, Pittsburg state university, and Fort Hays state university. See Kansas Statutes 76-711
(a) Upon specific authorization of the state board of regents and in accordance with policies adopted pursuant to this section, a state educational institution may sell and convey real property given as an endowment, bequest or gift to such institution.
(b) The state board of regents shall adopt policies governing the procedures and conditions under which state educational institutions may sell and convey real property given as an endowment, bequest or gift to such institution. Such policies shall include the disposition of the proceeds of such sale and conveyance.
(c) The state board of regents shall submit to the legislature at each regular session a report listing any such real property transfers that occurred during the previous fiscal year pursuant to this section.
(d) Any sale and conveyance authorized pursuant to this section shall not be subject to the provisions of Kan. Stat. Ann. § 75-6609, and amendments thereto.
(e) As used in this section, “state educational institution” means the same as defined in Kan. Stat. Ann. § 76-711, and amendments thereto.