The Board of Visitors of Mary Washington College is authorized to sell and convey certain parcels of real property or portions thereof, described generally as 72 acres, more or less, lying on the east and west sides of the U.S. Route 1 Bypass in the City of Fredericksburg, including any improvements thereon. The proceeds of the sale of such property, estimated at $1.5 million, shall be deposited in accordance with the provisions of § 2.1-512, Code of Virginia, for use upon appropriation.