Sec. 7. (a) If the municipal legislative body decides to purchase buses or real property, or both, from the urban mass transportation system under section 5 of this chapter, it must enter into and confirm by ordinance a contract and lease requiring the municipality to:
(1) purchase all or part of:
(A) the buses operated by the system; or
(B) the real property owned by the system; as determined by the parties; and
(2) lease the buses or property purchased to the system for use in providing mass transportation within the municipality.
(b) The municipality must pay the system a sum equal to the fair value of the buses or real property purchased, less the amount outstanding under any mortgage, contract of sale, or other security device that may attach to the buses or real property. The municipality may immediately pay off any such outstanding amount or assume any such mortgage, contract of sale, or other security device.
(c) The fair value of the buses or real property shall be determined by three (3) appraisers experienced in the appraisal of buses or real property. One (1) of the appraisers shall be appointed by the municipality and one (1) by the system. These two (2) appraisers shall then appoint a third appraiser. However, if they are unable to do so, each shall submit the names of three (3) appraisers to the circuit court for the county in which the municipality is located and the court shall appoint the third appraiser from the names submitted.
(d) If the municipal legislative body decides to purchase both buses and real property for lease to an urban mass transportation system, three (3) appraisers shall be appointed to determine the fair value of the buses and an additional three (3) appraisers shall be appointed to determine the fair value of the real property. Each group of three (3) appraisers shall be appointed in the manner prescribed by subsection (c).
(e) Before making their appraisal, the appraisers must appear before the clerk of the legislative body and take an oath to make a just and true appraisal of the buses or real property.
(f) A lease of buses or real property by a municipality to a system under this section must incorporate provisions for rental and other terms and provisions that the municipal legislative body considers necessary under this chapter. The municipality and the system may enter into additional contracts and leases during the term of the lease. The term of a lease of buses under this section may not exceed twenty-five (25) years.
[Pre-Local Government Recodification Citation: 19-5-2-7 part.]
As added by Acts 1981, P.L.309, SEC.77. Amended by Acts 1981, P.L.317, SEC.1.
Structure Indiana Code
Article 9. Transportation and Public Works
Chapter 4. Urban Mass Transportation Systems; Public Transportation Corporation
36-9-4-1. Application of Chapter
36-9-4-2. "Management" Defined
36-9-4-3. Declaration of Public Purpose
36-9-4-4. Existing Systems; Application for Assistance From Municipalities
36-9-4-5. Financial Assistance From Municipality; Necessary Findings; Types of Assistance
36-9-4-6. Grants to Systems by Municipalities; Contracts
36-9-4-7. Purchase of Property From System by Municipality; Contracts and Leases; Appraisals
36-9-4-9. Public Acquisition of Systems; Application to Municipality; Studies
36-9-4-11. Establishment of Systems by Municipalities
36-9-4-12. Public Transportation Corporation; Name
36-9-4-14. Public Transportation Corporation; Management by Board of Directors
36-9-4-15. Cities; Public Transportation Corporations; Board of Directors; Membership
36-9-4-16. Towns; Public Transportation Corporations; Board of Directors; Membership
36-9-4-17. Directors; Membership in Political Parties
36-9-4-18. Board of Directors; Vacancies
36-9-4-19. Impeachment of Directors
36-9-4-20. Compensation of Directors
36-9-4-21. Board of Directors; Officers
36-9-4-22. Meetings of Board of Directors
36-9-4-23. Board of Directors; Quorum; Approval of Actions; Records; Management of Internal Affairs
36-9-4-24. Introduction of Proposed Ordinances; Public Notice
36-9-4-25. Adoption of Ordinances; Procedure
36-9-4-26. Printing and Distribution of Ordinances
36-9-4-28. Purchase of Property From System by Corporation
36-9-4-29.4. Expansion of Services Outside Operational Boundaries
36-9-4-30. Board of Directors; Power to Acquire, Hold, and Dispose of Property
36-9-4-31. Board of Directors; Seal
36-9-4-32. Eminent Domain; Procedure
36-9-4-33. Board of Directors; Power to Contract
36-9-4-36. Board of Directors; Power to Sue; Service of Process
36-9-4-37. Board of Directors; Employees; Collective Bargaining Agreements
36-9-4-38. Surveys and Studies
36-9-4-39. "Demand-Responsive" or "Dial-a-Ride" System
36-9-4-40. Board of Directors; Power to Fulfill Purposes of Corporation
36-9-4-41. Acquisition of Systems by Corporation; Protection of Employees
36-9-4-43. Issuance of Bonds by Municipality; Procedure
36-9-4-44. Issuance of Bonds by Corporation; Procedure
36-9-4-45. Bonds; Terms; Tax Exemption; Procedure
36-9-4-46. Bonds; Special Tax Levy
36-9-4-47. Tax Anticipation Warrants
36-9-4-48. Cumulative Transportation Fund; Establishment; Notice; Tax Levy
36-9-4-49. Insufficient Funds; Special Tax Levy
36-9-4-50. Federal or State Aid
36-9-4-51. Review of Annual Budget and Tax Levies
36-9-4-52. Property Tax Exemption
36-9-4-53. Books, Records, and Accounts
36-9-4-54. Transportation of School Pupils; Contracts
36-9-4-55. Interlocal Cooperation Agreements; Authorization
36-9-4-57. Improvement Reserve Fund
36-9-4-58. Regulation of Department of State Revenue; Fares; Operating Expenses