- (a) Except as provided in subsection (c), if the state armory board sells any real property, the value of the property shall be determined by an appraiser appointed by the state armory board with the approval of the adjutant general.
- (b) Real property may not be sold for less than the appraised value of the real property unless the sale is approved by the adjutant general. If the real property cannot be sold at its appraised value, it may be reappraised.
- (c) If the adjutant general determines that the value of the real property is likely to be less than fifty thousand dollars ($50,000), the appraisal described in subsection (a) is not required to sell the real property.
- (d) The state armory board may transfer state real property to a person in exchange for property of like value that is transferred by the person to the state. The state armory board must establish that properties exchanged are of like value through appraisals or other means approved by the adjutant general.
(e) Real property may not be sold or transferred unless:
- (1) the adjutant general approves the sale or transfer; and
(2) the state armory board's legal counsel states in writing that all the conditions necessary to the legal and valid sale or transfer of the property have been fully complied with.
[Pre-2003 Recodification Citation: 10-2-2-19.]
As added by P.L.2-2003, SEC.7. Amended by P.L.38-2011, SEC.9; P.L.94-2026, SEC.31.