(2) The district school board or education service district board may manage, develop or dispose of property acquired or developed under subsection (1) of this section, and may contract with any other public school district, education service district, community college district or publicly supported institution of higher education of this or any other state or with the federal government regarding the management, development, use or disposition thereof. The board may reassign such property to the person from whom it was acquired. [1969 c.217 §§1,2; 1975 c.770 §29]