Indiana § 4-3-9-4 State lands; transfer; valuation; allocation of funds to controlling
agencies; revenue bonds; payment; separate sinking fund; damages

Indiana Statutes

§ 4-3-9-4 — State lands; transfer; valuation; allocation of funds to controlling agencies; revenue bonds; payment; separate sinking fund; damages

Indiana·Art. 3 GOVERNOR·Ch. 9 Transfer of Land to United States Government for

(a)When title to land that is to be transferred to the United States of America under this chapter is held in the name of the state of Indiana, and that land has not been declared surplus and is under the jurisdiction and control of any agency of the state, the state budget agency, with approval of the governor, shall allocate and transfer to that agency of the state from any funds which may be appropriated for use to accomplish the purposes of this chapter, an amount of money which equals the value of the land transferred.

(b)The value shall be determined by three (3) disinterested appraisers appointed by the governor. The appraisers shall be residents of the state of Indiana. The allocation of funds shall be in addition to any other appropriations made to that agency of the state. In t

Free access — add to your briefcase to read the full text and ask questions with AI

(a) When title to land that is to be transferred to
the United States of America under this chapter is held in the name of
the state of Indiana, and that land has not been declared surplus and is
under the jurisdiction and control of any agency of the state, the state
budget agency, with approval of the governor, shall allocate and
transfer to that agency of the state from any funds which may be
appropriated for use to accomplish the purposes of this chapter, an
amount of money which equals the value of the land transferred.
(b) The value shall be determined by three (3) disinterested
appraisers appointed by the governor. The appraisers shall be residents
of the state of Indiana. The allocation of funds shall be in addition to
any other appropriations made to that agency of the state. In the event
that revenue from the land described in this section and transferred to
the United States of America under this chapter is pledged as security
for bonds issued and outstanding, the money appropriated by this
section shall be held by the treasurer of the state of Indiana in a
separate sinking fund to be used only for the purposes of paying the
interest and principal of the bonds as they become due, and for no other
purpose, until the time the bonds are retired. The funds shall be
deposited by the treasurer of the state of Indiana, under the provisions
of IC 5-13, at interest, and interest earned by reason of deposit shall be
credited to and belong to the fund. Any person, firm, limited liability
company, or corporation who is the holder of any of the bonds at the
time the governor announces the governor's intention to transfer the
land to the United States of America and who is aggrieved by the
amount of money allocated and transferred to a sinking fund created
under this section, shall have the right to seek bondholders' damages
which may not exceed the face value of the bonds.
As added by Acts 1977, P.L.25, SEC.1. Amended by
P.L.19-1987, SEC.1; P.L.8-1993, SEC.8; P.L.215-2016,
SEC.20.

Indiana § 4-3-9-4 (State lands; transfer; valuation; allocation of funds to controlling agencies; revenue bonds; payment; separate sinking fund; damages) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.