; and (II) in accordance with subparagraph (C), the State shall provide to the Administrator of General Services any property acquired by such State with amounts awarded to such State pursuant to such grant and shall submit to Congress and the Secretary a record of the provision of such property to the Administrator. (B) Retention of funds for deficit reduction Funds rescinded under subparagraph (A)(ii)(I) shall be retained in the general fund of the Treasury for Federal budget deficit reduction. (C) Treatment of property The Administrator of General Services may— (i) dispose of any property obtained pursuant to subparagraph (A)(ii)(II) through a public auction for cash and for not less than the fair market value of the property, as determined by the Administrator; (ii) provide to any Federal agency such property for official use by such agency; or (iii) lease or hire such property, and may insure such property. (D) Exemption from certain property disposal requirements Any disposal of property conducted under subparagraph (C)(i) shall not be subject to— (i) subchapter IV of chapter 5 of subtitle I of title 40, United States Code; (ii) sections 550 and 553 of title 40, United States Code; (iii) section 501 of the McKinney-Vento Homeless Assistance Act ( 42 U.S.C. 11411 ); (iv) any other provision of law authorizing the no-cost conveyance of property owned by the Federal Government