(a) The term "abandons" as used in this section shall not include the nonuse of rights-of-way of a railroad that is presently inactive as a result of the insolvency of the railroad company if there are on-going efforts by either the railroad company or any governmental unit or civic organization to rehabilitate the railroad for the purpose of reestablishing rail service in the area.
(b)
(1) When a railroad abandons a right-of-way which was acquired by eminent domain, and where there is a municipally owned natural gas pipeline buried thereon or there is a municipally owned natural gas pipeline buried on that railroad's right-of-way at a point within ten (10) miles of the abandoned right-of-way, the railroad shall offer to sell the abandoned right-of-way to the municipality at the fair market value of the right-of-way.
(2) If the municipality wishes to purchase the right-of-way, the municipality shall so notify the appropriate railroad representative and the railroad shall, within sixty (60) days after being so notified, establish the fair market value of the right-of-way and offer to sell it to the municipality.
(3) If the railroad fails to do so, the municipality may petition the circuit court for the appointment of three (3) appraisers to establish the fair market value of the right-of-way and for an order directing the railroad to offer to sell the right-of-way to the municipality for the fair market value established by the appraisers.
(c) An offer by a railroad to sell rights-of-way for the fair market value shall constitute a continuing offer granting the municipality the first right of refusal, and, in instances where a third party makes an offer to the railroad to purchase the abandoned right-of-way, the municipality shall have thirty (30) days from the date of offer by the third party to exercise its right of first refusal.
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