(a) As agent of the State, with the advice and consent of the Governor unless otherwise provided, the Commissioner of Buildings and General Services may lease for a term not exceeding 10 years any real property owned by the State and not used for State purposes. This subsection shall not apply to leases of land pursuant to 10 V.S.A. chapter 83.

(b) Upon authorization by the General Assembly, which may be granted by resolution, and with the advice and consent of the Governor, the Commissioner of Buildings and General Services may sell real estate owned by the State. Such property shall be sold to the highest bidder therefor at public auction or upon sealed bids in the discretion of the Commissioner of Buildings and General Services, who may reject any or all bids. Notice of the sale or a request for sealed bids shall be posted in at least three public places in the town where the property is located and also published three times in a newspaper having a known circulation in the town, the last publication to be not less than 10 days before the date of sale or opening of the bids. Failing to consummate a sale under the method prescribed in this section, the Commissioner of Buildings and General Services is authorized to list the sale of this property with a real estate agent licensed by the State of Vermont. This subsection shall not apply to exchanges of lands or sales of timber made in accordance with the provisions of 10 V.S.A. chapter 55 or to the sale of land or interests in land made in accordance with the provisions of 10 V.S.A. chapter 83.

(c) The provisions of subsections (a) and (b) of this section shall not be construed to allow the Commissioner of Buildings and General Services to grant oil and gas leases on State-owned lands located within Vermont, but, with the approval of the Governor, the Commissioner of Buildings and General Services may sell or lease State lands for which an oil and gas lease has been granted, subject, however, to the terms and conditions of such oil and gas lease; provided, however, the Commissioner shall be responsible for any interests owned by the State in oil and gas resources located outside the State and may, after consultation with the Secretaries of Administration and of Natural Resources, lease or sell any such interest.

(d) The net proceeds from the sale of any real property owned by the State shall be paid into a capital fund account to be used for future capital construction projects as authorized by the General Assembly, except that such proceeds may be used as otherwise directed by the General Assembly, which legislative direction may be by resolution.

(e) Notwithstanding the provisions of subsection (a) of this section, specific approval is hereby granted by the General Assembly for the execution of new leases by an authorized State agent with the present lessees of individual camp lots on State lands on Groton, Marshfield, and Ricker ponds for a period exceeding 10 years.

(f) It is the legislative intent that any future costs to the State agent resulting from conditions in the leases specified in subsection (e) of this section that would permit or require the purchase of property from lessees by the State agent shall be funded directly by the General Assembly or, if it is not in session, by the Emergency Board.

(g)(1) Any person who on April 8, 1975, is a lessee of State lands on Groton, Marshfield, and Ricker ponds may by letter petition the Department of Forests, Parks and Recreation in order to obtain a lease that runs to both the lessee and the lessee's spouse upon application and accompanying payment of $10.00. The Department of Forests, Parks and Recreation shall, within 30 days, prepare, execute and deliver to the lessee a new lease that runs to both lessee and lessee's spouse. All terms of the new lease shall be identical to the terms of the old lease. Upon execution of the new lease by lessee and lessee's spouse, the old lease shall be void.