Sec. 10. (a) This section applies only to a sale of real property:
(1) under this chapter; and
(2) by a municipal corporation that operates and maintains library facilities.
(b) This section and not:
(1) IC 36-1-11; or
(2) any other statute;
applies to a sale of real property under this chapter.
(c) The lessor corporation shall hold in fee simple the real property on which the library building or buildings exists or will be constructed.
(d) A municipal corporation or corporations proposing to lease the library building or buildings, either alone or jointly with another municipal corporation that owns the property, may sell the property to the lessor corporation in fee simple.
(e) Before a sale under this section may take place, the governing authority of the municipal corporation shall file a petition with the circuit court of the county in which the municipal corporation is located. The petition must request the appointment of two (2) disinterested appraisers who are:
(1) professionally engaged in making appraisals; and
(2) licensed under IC 25-34.1;
to determine the fair market value of the real property. The two (2) appraisers shall fix the fair market value of the real property and report this amount to the circuit court not later than two (2) weeks from the date of their appointment. The municipal corporation may then sell the real property to the lessor corporation for an amount not less than the amount fixed as the fair market value by the appraisers. If each appraiser determines a different fair market value of the real property, the municipal corporation may sell the real property to the lessor corporation for an amount that is not less than the amount of the lower of the two (2) appraisals. The amount shall be paid in cash upon delivery of the deed by the municipal corporation to the lessor corporation.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-10-10.]
As added by P.L.1-2005, SEC.49. Amended by P.L.113-2006, SEC.24; P.L.42-2018, SEC.55.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.