The state board of regents is hereby authorized and empowered, for and on behalf of the university of Kansas, to sell and convey all of the rights, title and interest in the following described real estate located in the city of Wichita, Kansas: A tract of land located in the north half of lot 7 and all of lot 8 and one-half of the vacated alley on the east side, block "B", H. L. and A. M. Taylor addition to the city of Wichita, Kansas; and lot 17 and one-half of the vacated alley on the west side, block "B", H. L. and A. M. Taylor addition to the city of Wichita, Kansas. Conveyance of such rights, title and interest in such real estate shall be in accordance with the procedures prescribed therefor by the state board of regents and shall be executed in the name of the state board of regents by its chairperson and executive officer. When the sale is made, the proceeds thereof shall be paid to the Kansas university endowment association to fund scholarships in engineering and the fine arts.
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