Indiana § 5-1.2-7-20 Sale of county land to the authority

Indiana Statutes

§ 5-1.2-7-20 — Sale of county land to the authority

Indiana § 5-1.2-7-20

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1.2INDIANA FINANCE AUTHORITY

Ch. 7Health Facility Financing

This text of Indiana § 5-1.2-7-20 (Sale of county land to the authority) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 5-1.2-7-20 (2026).

Text

A county desiring to have a building erected or renovated on land owned or to be acquired by the county may sell that land or building to the authority. Before the sale may take place, the county commissioners shall file a petition with the circuit court, superior court, or probate court of the county requesting the appointment of:

(1)one (1) disinterested freeholder of the county as an appraiser; and

(2)two (2) disinterested appraisers licensed under IC 25-34.1; who are residents of Indiana to determine the fair market value of the land or building. One (1) of the appraisers described under subdivision

(2)must reside not more than fifty (50) miles from the land or building. Upon appointment, the appraisers shall fix the fair market value of the land or building and shall report that va

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A county desiring to have a building erected
or renovated on land owned or to be acquired by the county may sell
that land or building to the authority. Before the sale may take place,
the county commissioners shall file a petition with the circuit court,
superior court, or probate court of the county requesting the
appointment of:
(1) one (1) disinterested freeholder of the county as an appraiser;
and
(2) two (2) disinterested appraisers licensed under IC 25-34.1;
who are residents of Indiana to determine the fair market value of the
land or building. One (1) of the appraisers described under subdivision
(2) must reside not more than fifty (50) miles from the land or building.
Upon appointment, the appraisers shall fix the fair market value of the
land or building and shall report that value within two (2) weeks after
the date of their appointment. The county may then sell the land or
building to the authority for an amount not less than the amount fixed
by the appraisers as the fair market value. The amount shall be paid in
cash upon delivery of the deed by the county to the authority. If a
cumulative building fund exists at the time of the sale, the proceeds
from the sale shall be placed in that fund. If a cumulative building fund
does not exist at the time of the sale, the proceeds from the sale shall
be paid into the county hospital fund with the principal of and interest
on the fund to be used solely by the county hospital for the purposes set
forth in IC 16-22-5-3 (or IC 16-12.1-4-4 before its repeal on July 1,
1993). A sale of land or a building by a county to the authority shall be
authorized by the board of commissioners by an order that shall be
entered in the official records of the board. The deed shall be executed
on behalf of the county by the board of county commissioners.