If a transportation or fleet contract is canceled by a governing body under this chapter, the governing body may purchase the school bus equipment owned by the school bus driver or fleet contractor and used under the transportation contract. The purchase price is the fair market value of the equipment as determined by agreement of the governing body and the school bus driver or fleet contractor.[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-9.1-2-23.]As added by P.L.1-2005, SEC.11.
Indiana Legal Code