102 STAT. 3180
PUBLIC LAW 100-612—NOV. 5, 1988
Public Law 100-612 100th Congress An Act Nov. 5, 1988 [H.R. 5104] Federal Property Management Improvement Act of 1988. 40 USC 471 note.
To improve the efficiency and effectiveness of the management and disposal of Federal real and personal property.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. SECTION 1. This Act may be cited as the "Federal Property Management Improvement Act of 1988". SEC. 2. Section 201(c) of the Federal Property and Administrative Services Act of 1949 (40 U.S.C. 481(c)) is amended by adding at the end thereof the following new sentence: "Sales of property pursuant to this subsection shall be governed by section 3709 of the Revised Statutes (41 U.S.C. 5), except that fixed price sales may be conducted in the same manner and subject to the same conditions as are applicable to the sale of property pursuant to section 203(e)(5) of this Act". SEC. 3. Section 203(e)(5) of the Federal Property and Administrative Services Act of 1949 (40 U.S.C. 484(e)(5)) is amended— (1) by inserting "(A)" after "(5)"; and (2) by adding at the end thereof the following: "(B) Under regulations and restrictions to be prescribed by the Administrator, property to be sold pursuant to this paragraph may be offered to organizations specified in paragraph (3)(H) of this subsection that have expressed an interest in the property to permit such an organization a prior opportunity to purchase at the prices fixed for such property.". SEC. 4. (a) Section 203(e)(6) of the Federal Property and Administrative Services Act of 1949 (40 U.S.C. 484(e)(6)) is amended to read as follows: "(6)(A) Except as otherwise provided by subparagraph (C) of this paragraph, an explanatory statement shall be prepared of the circumstances of each disposal by negotiation of— "(i) any personal property which has an estimated fair market value in excess of $15,000; "(ii) any real property that has an estimated fair market value in excess of $100,000, except that any real property disposed of by lease or exchange shall only be subject to clauses (iii) through (v) of this subparagraph; "(iii) any real property disposed of by lease for a term of 5 years or less, if the estimated fair annual rent is in excess of $100,000 for any of such years; "(iv) any real property disposed of by lease for a term of more than 5 years, if the total estimated rent over the term of the lease is in excess of $100,000; or "(v) any real property or real and related personal property disposed of by exchange, regardless of value, or any property any part of the consideration for which is real property. "(B) Each such statement shall be transmitted to the appropriate committees of the Congress in advance of such disposal, and a copy
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