(a) The state board of regents is hereby authorized and empowered, in its discretion and upon determining that the following sale or exchange and conveyance of real estate would significantly benefit the economic development of Kansas, Lyon county and the city of Emporia, Kansas, for and on behalf of the Emporia state university, to sell and convey all of the rights, title and interest on all of the following described real estate located in Lyon county, Kansas, or any part or parts thereof: A tract of land lying in the northeast 1/4 of section 10, township 19 south, range 11 east of the 6th P.M., city of Emporia, Lyon county, Kansas; more particularly described as follows: From the northwest corner of the northeast 1/4 of said section 10, thence easterly on the north line of the northeast 1/4 of said section 10 on a assumed bearing of N 90°00?00? E for a distance of 973.00 feet to the point of beginning; thence S 00°00?59? W on the east right of way of Highland Place street for a distance of 1071.56 feet, thence N 89°57?45? E for a distance of 131.19 feet, thence S 00°12?35? W for a distance of 399.61 feet, thence S 89°48?57? E for a distance of 346.39 feet, thence N 00°10?25? W for a distance of 683.80 feet, thence N 89°49?35? E for a distance of 197.84 feet, thence N 36°30?03? W on the southwesterly right of way line of I-35 highway for a distance of 980.04 feet, thence S 90°00?00?W on the north line of the northeast 1/4 of said section 10 for a distance of 88.60 feet to the point of beginning; such tract containing 13.14 acres, more or less; subject to easements of records.

(b) Conveyance of such rights, title and interest in such real estate shall be executed in the name of the state board of regents by its chairperson and executive officer. Any proceeds from sale of such real estate shall be deposited in the state treasury to the credit of an appropriate account of the restricted fees fund of Emporia state university. Such proceeds shall be applied to or utilized for the replacement or relocation of institutional facilities located on such real estate, including the construction or reconstruction of facilities therefor.

(c) In the case of any exchange and conveyance of real estate under subsection (a), the title of the real estate conveyed to the state board of regents shall be in the name of Emporia state university by a deed. No exchange and conveyance of real estate authorized by this section shall be made or accepted by the state board of regents until the deeds, titles and conveyances have been reviewed and approved by the attorney general.