§ 36-1-10.5-5 — Purchase of land or structure; required procedures

Indiana § 36-1-10.5-5

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 1: GENERAL PROVISIONS
• Ch. 10.5: Purchase of Land or Structures

Text

A purchasing agent shall purchase land or a
structure only after compliance with the following procedures:
(1) The fiscal body of the political subdivision shall pass a
resolution to the effect that it is interested in making a purchase
of specified land or a structure.
(2) The purchasing agent shall appoint two (2) appraisers to
appraise the fair market value of the land or structure. The
appraisers must be professionally engaged in making appraisals
or be trained as an appraiser and licensed as a broker under IC 25-34.1.
(3) The appraisers shall return their separate appraisals to the
purchasing agent within thirty (30) days after the date of their
appointment. The purchasing agent shall keep the appraisals on
file in the purchasing agent's office for five (5) years after they are
given to the purchasing agent.
(4) The purchasing agent shall give a copy of both appraisals to
the fiscal body.

Legislative History

As added by P.L.336-1987, SEC.1.