1. (a) If the property to be sold is:

   1. (1) one (1) item, with an estimated value of one thousand dollars ($1,000) or more; or

   2. (2) more than one (1) item, with an estimated total value of five thousand dollars ($5,000) or more;

      the purchasing agency may engage an auctioneer licensed under IC 25-6.1 to advertise the sale and conduct a public auction.

2. (b) The advertising by an auctioneer under this section must include a detailed description of the property to be sold.
3. (c) The purchasing agency shall pay an auctioneer who conducts a sale under this section from the gross proceeds of the sale received before other expenses and liens are paid.

As added by P.L.49-1997, SEC.1.