[§302A-1506.2]  Property acquisition, use, and disposition.  (a)  The department may acquire or contract to acquire by grant or purchase any real, personal, or mixed property or any interest therein for its immediate or future use for public educational purposes, including lease revenues; and own, hold, improve, and rehabilitate any real, personal, or mixed property acquired, and sell, assign, exchange, transfer, convey, lease, or otherwise dispose of, or encumber the same; provided that the department shall incur all fees and costs associated with, and for, the subdividing of the land.

     (b)  The department may by itself, or in partnership with qualified persons, acquire, construct, reconstruct, rehabilitate, improve, alter, or repair any infrastructure or accessory facilities in connection with any project; and own, hold, sell, assign, transfer, convey, exchange, lease, or otherwise dispose of, or encumber any project.

     (c)  The department may lease or rent all or a portion of any real property acquired for public educational purposes and establish and revise the rents or charges therefor.  The department shall not sell any property, real or personal, or any interest therein, except to a government entity.

     (d)  The department may insure or provide for the insurance of its property or operations against risks as it deems advisable.

     (e)  For purposes of this section:

     "Land" or "property" includes vacant land or land with site improvements, whether partially or entirely finished in accordance with governmental subdivision standards, or with complete dwellings.

     "Public educational purposes" includes any use of the property, including revenue generation, that would benefit the department's mission to provide public education to students in the State.

     "Real property" includes lands, land under water, structures, and any agreed upon easements, franchises, and incorporeal hereditaments and every estate and right therein, legal and equitable, including terms for years and liens by way of judgment, mortgage, or otherwise. [L 2018, c 210, §3]