Disposal of projects which received funding through the capital outlay budget; limitations; requirements

A. For projects included in the capital outlay budget for fiscal years beginning on or after July 1, 2024, the owner of a project that received funding through the sale of general obligation bonds for acquiring lands, buildings, equipment, or other permanent properties or for the preservation or development of permanent improvements through the capital outlay budget shall not sell or otherwise dispose of the project while repayment of the bonds, including debt service, by the state is outstanding unless all of the following conditions are met: (1) The property owner obtains, at his own cost, an opinion from current bond counsel to the state that the sale will not affect the tax exempt status of the bonds. (2) The property owner receives prior written approval by the commissioner of administration. (3) All other conditions required for the disposal of the project by the property owner have been met. B. If the commissioner of administration approves a property owner disposing of a project that received funding through the sale of general obligation bonds, the commissioner shall notify the House Committee on Ways and Means and the Senate Committee on Revenue and Fiscal Affairs in writing within ten days of the approval.