Indiana Code 4-3-9-5. University lands; transfer to state; allocation of funds
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Terms Used In Indiana Code 4-3-9-5
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- interest in land: means both legal and equitable title and interest in land. See Indiana Code 4-3-9-1
- Land: means both unimproved and improved land. See Indiana Code 4-3-9-1
- Transfer: means a gift, grant, conveying, exchange, lease, or sale. See Indiana Code 4-3-9-1
- United States of America: shall include the United States government and any agency or entity thereof. See Indiana Code 4-3-9-1
Sec. 5. In the event that any land or interest in land which the governor determines necessary or desirable to transfer to the United States of America pursuant to this chapter is in the name of the board of trustees of a state-supported university, the board of trustees of that university may, if not inconsistent with the terms and conditions of the gift, bequest or devise, if any, by which the university received the land or interest in land, transfer such interest to the state of Indiana without consideration, or for a nominal or substantial sum, or for a period of years, or in exchange for lands of the state, or on such other terms as the governor and the board of trustees of the university may agree. The state budget agency, with the approval of the governor, shall allocate and transfer to the university from any funds which may be appropriated for use to accomplish the purposes of this chapter any sum of money agreed upon by the governor and the board of trustees pursuant to this section. The allocation of funds shall be in addition to, and not a part of, any other appropriation made to the university.
As added by Acts 1977, P.L.25, SEC.1.