The Department may sell an armory that is superfluous to the Department’s requirements if: the Department has complied with § 5–310 of the State Finance and Procurement Article; the Department of Planning has determined that no unit of State government is interested in the property under § 5–310(b)(2) of the State Finance and Procurement Article; and the Board of Public Works has approved the sale. The county or municipal corporation in which the armory is located has the right of first refusal to purchase the armory. If the county or municipal corporation declines to purchase the property, the Department shall sell the property at public sale for the highest cash price obtainable. The proceeds of a sale shall be placed in the Annuity Bond Fund under § 8–132 of the State Finance and Procurement Article.