(a) The state board of regents is hereby authorized and empowered, for and on behalf of Wichita state university, formerly the university of Wichita, to sell and convey all rights, title and interest in (1) a parcel of land described as the east 140 feet (E 140?) of lot 55 on Chautauqua avenue, Hillside Gardens located in Wichita, Sedgwick county, Kansas, (C 24642); and (2) a parcel of land described as lots 22, 24, 26, 28 and 30 on Vassar avenue, in Fairmount, an addition to Wichita, Kansas, (C 4688-1&1A).

(b) The conveyances authorized in subsection (a) shall be made by warranty deed or quitclaim deed, whichever is appropriate, and shall be executed in the name of the state board of regents by its chairperson and executive officer. When the sales are made, the proceeds thereof shall be deposited in the state treasury and the state treasurer shall credit the amounts thereof to the Wichita state university dormitory revenue funds in accordance with directions of the state board of regents, except that ½ of the proceeds from the sale of the Chautauqua avenue parcel shall be credited to the state general fund.