§ 6-13-111 - Consolidated school districts.
6-13-111. Consolidated school districts.
(a) A school district in the State of Arkansas that is consolidated with one (1) or more school districts may:
(1) Sell buildings or lands owned by the school district that are no longer used by the school district; or
(2) Preserve buildings or lands owned by the school district that are no longer used by the school district.
(b) If the school district sells or otherwise disposes of a building or land to a person or entity under this section, then:
(1) The school district shall have the right of first refusal to purchase or otherwise reacquire the real property if the person or entity decides to sell the real property; and
(2) The sale price of the real property when repurchased or otherwise reacquired by the school district shall not:
(A) Exceed the price that the person or entity paid the school district for the property; and
(B) Include compensation for any improvements to the property.