Subject to applicable contracts, The Williamsport Area Community College is authorized to assign to the Pennsylvania College of Technology all rights, title and interest in all leases between The Williamsport Area Community College Building Authority as lessor or sublessor and The Williamsport Area Community College as lessee or sublessee. Upon the repayment of the bonds of The Williamsport Area Community College Building Authority issued to construct or improve facilities for The Williamsport Area Community College, The Williamsport Area Community College Building Authority shall convey fee simple title to the property, consisting of realty and the improvements on the realty, to the Pennsylvania College of Technology.