(a) The State Highway Commission is empowered and authorized to:
(1) Sell and convey any surplus land or real estate or any personal property or effects procured by or coming to the commission to which the commission or any member or officer therein holds title, or to which title was taken in the name of the State of Arkansas, in the settlement and procuring of rights-of-way for state highways, when lands so procured or obtained are not necessary for highway purposes; and
(2) Sell and dispose of any real estate or other property procured or conveyed to the commission, any member or officer thereof, or to the State of Arkansas, in the settlement of any claims of the state against contractors growing out of or pertaining to any state highway construction or maintenance contract.
(b) Before any sale of real estate or other assets shall be effective, it shall be approved by resolution of the commission in a regular meeting, or a special meeting called for that purpose.
(c) The resolution shall be entered upon a record of the commission to be kept for that purpose, and a certified copy of the resolution signed by the presiding officer of the commission shall be prima facie evidence of its passage and adoption.
(d) When the sale is approved by a resolution of the commission, then the chair or other presiding officer of the commission is authorized to execute to the county, city, incorporated town, person, company, or corporation purchasing the real estate or other property, a deed conveying all the right, title, interest, and equity of the commission, the Arkansas Department of Transportation, and the State of Arkansas in and to the lands.
(e) Such deeds, when so executed, shall operate to convey to the purchaser any and all right, title, interest, and equity of the commission, the department, and the State of Arkansas in and to the lands so conveyed.
(f) All proceeds arising from such sales shall be paid into and constitute a part of the state highway funds.