As part of the annual appropriation provided for in section 4(1),¹ the Commonwealth appropriations shall be used to pay all bonds issued prior to the effective date of this act by the State Public School Building Authority to construct or improve facilities for The Williamsport Area Community College. The Pennsylvania College of Technology shall assume the obligation of The Williamsport Area Community College to pay rentals to the State Public School Building Authority to amortize these bonds and, subject to approval of the trustee which may be required under the trust indenture between the trustees and the State Public School Building Authority, The Williamsport Area Community College shall assign to the Pennsylvania College of Technology all rights, title and interest in all leases between the State Public School Building Authority as lessor or sublessor and The Williamsport Area Community College as lessee or sublessee. Upon the repayment and discharge, including refunding with interest, of the bonds of the State Public School Building Authority issued to construct or improve facilities for The Williamsport Area Community College, the State Public School Building Authority shall convey fee simple title to the property, consisting of realty and improvements on the realty, to the Pennsylvania College of Technology.