(a) If the retention of the land by the department or other state agencies is determined to be impractical, the department may, with the approval of the governor, sell the land:(1) to political subdivisions of the state at the cost of acquisition and restoration; or(2) by public sale to the highest bidder for not less than fair market value for reclaimed land as determined by two (2) private appraisers appointed by the department.(b) The proceeds of a sale may, upon approval of the department, be used and expended to reclaim and rehabilitate land.[Pre-1995 Recodification Citation: 14-4-2.1-8.]As added by P.L.1-1995, SEC.29.
Indiana Legal Code