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the use of the street or alley as a way of passage. A grant of air rights over a street right -of -way or other
<br />property owned by the city for the purpose of erecting a building or other permanent structure (other
<br />than utility wires or pipes) shall be treated as a sale of real property, except that a grant of air rights
<br />over a street right -of -way for the purpose of constructing a bridge or passageway between existing
<br />buildings on opposite sides of the street shall be treated as a grant of an easement. (1971, c. 698, s. 1.)
<br />§ 160A -274. Sale, lease, exchange and joint use of governmental property.
<br />(a) For the purposes of this section, "governmental unit" means a city, county, school administrative
<br />unit, sanitary district, fire district, the State, or any other public district, authority, department, agency,
<br />board, commission, or institution.
<br />(b) Any governmental unit may, upon such terms and conditions as it deems wise, with or without
<br />consideration, exchange with, lease to, lease from, sell to, or purchase from any other governmental
<br />unit any interest in real or personal property.
<br />(c) Action under this section shall be taken by the governing body of the governmental unit. Action
<br />hereunder by any State agency, except the Department of Transportation, shall be taken only after
<br />approval by the Department of Administration. Action with regard to State property under the control of
<br />the Department of Transportation shall be taken by the Department of Transportation or its duly
<br />authorized delegate. Provided, any county board of education or board of education for any city
<br />administrative unit may, upon such terms and conditions as it deems wise, lease to another
<br />governmental unit for one dollar ($1.00) per year any real property owned or held by the board which
<br />has been determined by the board to be unnecessary or undesirable for public school purposes. (1969,
<br />c. 806; 1971, c. 698, s. 1; 1973, c. 507, s. 5; 1975, c. 455; c. 664, s. 9; c. 879, s. 46; 1977, c. 464, s. 34;
<br />2001 -328, s. 6.)
<br />§ 160A -275. Warranty deeds.
<br />Any city, county, or other municipal corporation is authorized to execute and deliver deeds to any
<br />real property with full covenants of warranty, without regard to how the property was acquired, when,
<br />in the opinion of the governing body, it is in the best interest of the city, county, or other municipal
<br />corporation to convey by warranty deed. Members of the governing boards of counties, cities, and other
<br />municipal corporations are hereby relieved of any personal or individual liability by reason of the
<br />execution of warranty deeds to governmentally owned property unless they act in fraud, malice, or bad
<br />faith. (1945, c. 962; 1955, c. 935; 1969, cc. 48, 223, 332; c. 1003, s. 5; 1971, c. 698, s. 1.)
<br />160A -276. Sale of stocks, bonds, and other securities.
<br />A city may sell through a broker without complying with the preceding sections of this Article shares
<br />of common and preferred stock, bonds, options, and warrants or other rights with respect to stocks and
<br />bonds, and other securities, when the stock, bond, or other right or security has an established market
<br />and is traded in the usual course of business on a national stock exchange or over -the- counter by
<br />reputable brokers and securities dealers. The city may pay the usual fees and taxes incident to such
<br />transactions. Nothing in this section authorizes a city to deal in its own bonds in any manner
<br />inconsistent with Chapter 159 of the General Statutes, nor to invest in any securities not authorized by
<br />G.S. 159 -30. (1973, c. 426, s. 44.)
<br />§ 160A -277. Sale of land to volunteer fire departments and rescue squads; procedure.
<br />(a) A city, upon such terms and conditions as it deems wise, with or without monetary consideration
<br />may lease, sell or convey to a volunteer fire department or to a volunteer rescue squad any land or
<br />interest in land, for the purpose of constructing or expanding fire department or rescue squad facilities,
<br />if the volunteer fire department or volunteer rescue squad provides fire protection or rescue services to
<br />the city.
<br />(b) Any lease, sale or conveyance under this section must be approved by the city council by
<br />resolution adopted at a regular meeting of the council upon 10 days' public notice. Notice shall be given
<br />by publication describing the property to be leased or sold, stating the value of the properties, the
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