Indiana § 8-1.5-2-6 Sale of nonsurplus property; terms of ordinance; satisfaction of existing
obligations; bid submitted by trust; proceeds; sale for less than
appraised value

Indiana Statutes

§ 8-1.5-2-6 — Sale of nonsurplus property; terms of ordinance; satisfaction of existing obligations; bid submitted by trust; proceeds; sale for less than appraised value

Indiana § 8-1.5-2-6

Art. 1.5MUNICIPAL UTILITIES

Ch. 2Transfer, Acquisition, and Improvement of Utilities by

This text of Indiana § 8-1.5-2-6 (Sale of nonsurplus property; terms of ordinance; satisfaction of existing obligations; bid submitted by trust; proceeds; sale for less than appraised value) 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 § 8-1.5-2-6 (2026).

Text

(a)The ordinance adopted by the municipal legislative body under section 5(d) of this chapter must provide for:

(1)the sale or disposition of the municipally owned utility property;

(2)the manner of the sale or disposition;

(3)the price, terms, and conditions of the sale or disposition, which must be consistent with any contractual obligations previously incurred under IC 8-1-2.2; and

(4)the officer or officers who are to execute the proper documents conveying title on behalf of the municipality.

(b)Except as provided in subsection (e), the property may not be sold for less than its full appraised value, as set forth in the appraisal, less the amount of any bonds, liens, or other indebtedness due upon the property, and only in accordance with contractual obligations incurred under IC

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(a) The ordinance adopted by the municipal
legislative body under section 5(d) of this chapter must provide for:
(1) the sale or disposition of the municipally owned utility
property;
(2) the manner of the sale or disposition;
(3) the price, terms, and conditions of the sale or disposition,
which must be consistent with any contractual obligations
previously incurred under IC 8-1-2.2; and
(4) the officer or officers who are to execute the proper
documents conveying title on behalf of the municipality.
(b) Except as provided in subsection (e), the property may not be
sold for less than its full appraised value, as set forth in the appraisal,
less the amount of any bonds, liens, or other indebtedness due upon the
property, and only in accordance with contractual obligations incurred
under IC 8-1-2.2. The indebtedness shall either:
(1) be paid in accordance with the terms and conditions of the
instruments governing the indebtedness before the sale; or
(2) be assumed and paid by the purchaser as part of the purchase
price of the property.
(c) This subsection applies if a municipal legislative body adopts an
ordinance for the sale or disposition of municipally owned utility real
property by acceptance of bids. A bid submitted by a trust (as defined
in IC 30-4-1-1(a)) must identify each:
(1) beneficiary of the trust; and
(2) settlor empowered to revoke or modify the trust.
(d) The proceeds of any sale under this chapter shall be paid into the
treasury of the municipality making the sale and become part of the
general fund, unless the municipal legislative body adopts an ordinance
to provide that the proceeds of the sale shall be paid into a restricted
fund to be used only in the manner set forth in the ordinance.
(e) The municipally owned utility property that is the subject of an
ordinance adopted under section 5(d) of this chapter may be sold for
less than its full appraised value, as set forth in the appraisal, if the
municipal legislative body determines that it would be in the
municipality's best interests to sell the property for less than its full
appraised value so as to result in lower utility rates to be charged by the
prospective purchaser to customers of the municipality's municipally
owned utility.
As added by Acts 1982, P.L.74, SEC.1. Amended by
P.L.104-1983, SEC.1; P.L.336-1989(ss), SEC.18; P.L.103-2008,
SEC.4; P.L.98-2016, SEC.9.