Indiana Code 14-36-2-12. Sale of land
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Sec. 12. (a) If the retention of the land by the department or other state agencies is determined to be impractical, the department may, with the approval of the governor, sell the land:
(2) by public sale to the highest bidder for not less than fair market value for reclaimed land as determined by two (2) private appraisers appointed by the department.
(1) to political subdivisions of the state at the cost of acquisition and restoration; or
Terms Used In Indiana Code 14-36-2-12
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- land: means ground, soil, or solid materials of the earth:
Indiana Code 14-36-2-2
- restoration: means rehabilitation under IC 14-36-1. See Indiana Code 14-36-2-5
(b) The proceeds of a sale may, upon approval of the department, be used and expended to reclaim and rehabilitate land.
[Pre-1995 Recodification Citation: 14-4-2.1-8.]
As added by P.L.1-1995, SEC.29.