(2)(a) If any real property owned by any municipality referred to in subsection (1) of this section and held for the use of an airport or its facilities is determined not to be needed for such purposes by the governing body of a municipality controlling the airport, such governing body may lease, occupy, use, sell, convey or dispose of such real property.
(b) Except as provided in subsection (3) of this section, any sale of real property under paragraph (a) of this subsection shall be made in accordance with the provisions of ORS 275.110 and 275.120. The proceeds of any sales made by the municipality shall apply against any indebtedness acquired under ORS 836.220. If no indebtedness exists, such funds shall be deposited to the general fund of such municipality.
(3) Sales of real property by the Port of Portland shall be governed by applicable federal laws and regulations and by the provisions of ORS chapters 777 and 778.
(4) All funds needed by any municipality to carry out any provision of this section may be provided in the same manner as funds may be provided under ORS 836.220 or 836.240, or both. [Formerly 492.390; 2003 c.139 §1]