Resale of Surplus Property — Disposition of Proceeds

1. Law
2. Tennessee Code
3. Public Property, Printing and Contracts
4. Administration and Disposition of State Property
5. State Surplus Personal Property Act of 1976
6. Resale of Surplus Property — Disposition of Proceeds

1. Notwithstanding any provision of law, rule or regulation to the contrary, any profit realized from the resale of surplus property transferred to vocational programs operated under title 49, chapter 11, or state technical institutes operated by the state board of regents when such entity or corporation has repaired the item through its vocational program for the purpose of resale shall not revert to the state but may be retained by such entity or corporation. Notwithstanding any provision of the law to the contrary, such surplus property may be resold at any time after it has been repaired without prior approval of the procurement commission.
2. The resale of such surplus property shall be made only after public advertisement of the sale in a newspaper of general circulation in the county or municipality in which the sale will take place at least twice in a two-week period preceding the sale.

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