The value of all:

1. (1) purchases of supplies, fixtures, and equipment;
2. (2) purchases of real property; and

3. (3) lease agreements and contracts;

   shall be appraised by the Indiana department of administration or by an independent appraiser, at the discretion of the Indiana department of administration. The cost of a purchase, lease agreement, or contract may not exceed the appraised value.

   [Pre-2016 Revision Citation: 9-16-2-3.]

As added by P.L.198-2016, SEC.195.