162-Y:3 Compensation. –
Transfer of property under this chapter shall be for such price and subject to said further terms and conditions as in the opinion of the commissioner, are reasonable and appropriate to effectuate the purposes of this chapter, provided, however, that:
I. All proceeds from sales of surplus property owned by the department shall be deposited in the fund from which they originated.
II. Surplus property held by the department which was acquired, in whole or in part, with highway funds shall be transferred to the authority for not less than the minimum compensation required to replenish the highway fund in the amount for which the property was originally acquired.
III. Surplus property held by the department which was acquired, in whole or in part, with federal or turnpike funds shall be transferred to the authority for no less than the minimum compensation required by federal law or controlling turnpike revenue bond resolution.