(1) Whenever an agency owns property no longer economical to use, the administrator may dispose of such property by exchanging the same in part payment for new property, as provided for in this section. The administrator shall include in the solicitation a full description of the property to be exchanged as part payment and shall permit vendors to examine the same. The contract shall be awarded on the basis of net cost to the state after allowance for the property to be exchanged in part payment. In addition, the administrator may permit an exchange of property in part payment for new property acquisitions from contracts for the same or similar property.
(2) Exchange of property pursuant to this section will be permitted only when it is determined by the administrator that all other methods of disposal of the property sought to be exchanged will yield less value to the state.