Indiana Code 36-1-10.5-5. Purchase of land or structure; required procedures
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Sec. 5. A purchasing agent shall purchase land or a structure only after compliance with the following procedures:
(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.
(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.
Terms Used In Indiana Code 36-1-10.5-5
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- purchasing agent: means the board or officer of a political subdivision or agency with the power to purchase land or structures. See Indiana Code 36-1-10.5-3
- structure: means :
Indiana Code 36-1-10.5-4
(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.
As added by P.L.336-1987, SEC.1.