Whenever the municipal legislative body or the municipal executive determines to sell or otherwise dispose of nonsurplus municipally owned utility property, it shall provide for the following in a writing that shall be made available, upon request, for inspection and copying at the offices of the municipality's municipally owned utility in accordance with IC 5-14-3 :

1. (1) The appointment, as follows, of three (3) residents of Indiana to serve as appraisers:

   1. (A) One (1) disinterested person who is an engineer licensed under IC 25-31-1 .
   2. (B) One (1) disinterested appraiser licensed under IC 25-34.1 .

   3. (C) One disinterested person who is either:

      1. (i) an engineer licensed under IC 25-31-1 ; or
      2. (ii) an appraiser licensed under IC 25-34.1 .
2. (2) The appraisal of the property.

3. (3) The time that the appraisal is due.

   It is sufficient for purposes of this section that the municipal legislative body or municipal executive provides for the appointment in written contracts with the appraisers or the firms with whom the appraisers are employed.

   As added by Acts 1982, P.L.74, SEC.1. Amended by P.L.113-2006, SEC.2; P.L.103-2008, SEC.2; P.L.68-2015, SEC.2; P.L.98-2016, SEC.7; P.L.229-2019, SEC.7.