Conn. Gen. Stat. § 10a-8e

(b) Notwithstanding section 4b-21 , the Board of Regents for Higher Education may, upon the review and approval of the Secretary of the Office of Policy and Management, sell, exchange, lease or otherwise transfer and convey any surplus property to a bona fide purchaser for a price and on terms that said board determines are (1) reflective of the fair market value of the surplus property based on at least two appraisals conducted not earlier than three months prior to such sale, exchange, lease or other transfer and conveyance, (2) in the best interests of the state and the institution of higher education that has custody and control over the surplus property, and (3) consistent with the objectives and purposes of such institution.

(c) The Board of Regents for Higher Education shall use the proceeds from any sale, exchange, lease or other transfer and conveyance of surplus property in the following order of priority: (1) To pay any outstanding bonds or other debt associated with the surplus property or any improvements to such property, (2) for any costs associated with such sale, exchange, lease or other transfer and conveyance, and (3) for any capital expenditure that is consistent with said board's plan for campus development.