If the property to be sold is:

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

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

   the purchasing agency may sell the property at a public or private sale or transfer the property, without advertising.

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