TCA § 49-8-111 — Powers regarding property

Every college and university is authorized and empowered to sell or convey any lot, plot or tract of land that has been acquired through purchase, gift, devise or by any other means; provided, that: The land is unsuitable for use by the college or university at present or in the future, or not needed by the college or university; The state building commission approves of the sale or conveyance; and The college or university obtains certified appraisals of the land from two (2) recognized real estate appraisers in the locality of the college or university. The receipts from the sale or conveyance shall be deposited in the capital outlay fund of the selling college or university. Subsections (a) and (b) do not apply to the University of Tennessee system. The board of regents is authorized to sell, upon approval of the state building commission, property which has been acquired for use by the central office of the board. The proceeds from the sale may be used as the board determines; provided, that the use shall be for purposes that are long term and nonrecurring in nature and that are otherwise permitted by law. Funds shall only be expended pursuant to this subsection (d) if the expenditure is approved by the education committee of the senate and the education committee of the house of representatives.