Sale of excess property; restrictions on use; fair market value; disposition of moneys

§ 16–1332. Sale of excess property; restrictions on use; fair market value; disposition of moneys (a) The Board of Commissioners of the District of Columbia and agencies of the United States authorized by law to acquire real property may, upon completion of public improvements: (1) subdivide, and sell, at public or private sale, or exchange, any excess real property acquired pursuant to this subchapter; and (2) to carry out such purposes, convey any property acquired in excess of that actually needed and which is not essential to the usefulness of the public works— with such reservations concerning the future use and occupation of the property as, in their discretion, may be necessary to protect the public improvements. (b) Property sold under this section shall be sold at not less than the fair market value at the time sold, as determined by appraisement of the assessor of the District of Columbia. 77 Stat. 576 (c) Moneys received from sales or transfers of properties pursuant to this subchapter shall be covered into the Treasury of the United States, and where the property sold was acquired under an appropriation authorized for the use of the District of Columbia, moneys received from the sale shall be deposited in the Treasury to the credit of the revenues of the District of Columbia.