Indiana § 20-26-7-39 Sale or exchange of unneeded school property to state; terms of
agreement

Indiana Statutes

§ 20-26-7-39 — Sale or exchange of unneeded school property to state; terms of agreement

Indiana·Title 20 EDUCATION·Art. 26 SCHOOL CORPORATIONS: GENERAL·Ch. 7 Property and Eminent Domain

(a)Except as otherwise provided in IC 20-26-7.1, if:

(1)a school corporation; and

(2)the state, either in the name of the state or in the name of the trustees of an agency of the state; each own improved or unimproved real estate that lies within the boundaries of the school corporation and that is not needed or required for the purpose for which it was acquired, the school corporation and the state may sell, trade, exchange, or convey to or with each other the unneeded real estate upon such terms and conditions mutually agreed upon and incorporated in an agreement between the trustees or board of trustees of the school corporation and the state or, if the real estate is held in the name of the trustees of an agency of the state, by the trustees.

(b)A value must be assigned to each par

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(a) Except as otherwise provided in IC 20-26-7.1, if:
(1) a school corporation; and
(2) the state, either in the name of the state or in the name of the
trustees of an agency of the state;
each own improved or unimproved real estate that lies within the
boundaries of the school corporation and that is not needed or required
for the purpose for which it was acquired, the school corporation and
the state may sell, trade, exchange, or convey to or with each other the
unneeded real estate upon such terms and conditions mutually agreed
upon and incorporated in an agreement between the trustees or board
of trustees of the school corporation and the state or, if the real estate
is held in the name of the trustees of an agency of the state, by the
trustees.
(b) A value must be assigned to each parcel of real estate involved
in the sale, trade, or exchange in the agreement. The assigned value
must be the fair market value of the real estate as determined by three
(3) appraisers appointed as follows:
(1) One (1) to be appointed by the board of trustees of the school
corporation.
(2) One (1) to be appointed by the state or, if the real estate is held
in the name of the trustees of an agency of the state, by the
trustees.
(3) One (1) to be appointed by the two (2).
(c) The agreement must provide for payment by the party owning
the real estate of the smaller value to the other party of the difference
of value of the properties.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-5-54-1.]

Indiana § 20-26-7-39 (Sale or exchange of unneeded school property to state; terms of agreement) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.