(1) It is the intent of this section to permit the securing of payment from the United States Department of Veterans Affairs to the State of Arkansas and the Department of Human Services State Institutional System Board for the fair replacement value of all existing improvements to lands authorized to be transferred in subsection (b) of this section.
(2) It is further intended that funds received for all improvements on lands transferred by subsection (b) of this section shall be used for the constructing and equipping of a new psychiatric nursing home at the Arkansas Health Center and associated costs.
(3) The Department of Human Services State Institutional System Board and the Board of Trustees of the University of Arkansas shall have the authority to donate any real property under their control and supervision to the United States Department of Veterans Affairs for the construction by the United States Department of Veterans Affairs of a United States Department of Veterans Affairs hospital and related facilities on the donated land.
(4) The donation may be accomplished notwithstanding the provisions of §§ 22-6-601 and 22-7-102(a)-(d).