Sec. 16. (a) A sale of property must be made for cash.
(b) Subject to Article 8, Section 2 of the Constitution of the State of Indiana, the proceeds of a sale, after payment of expenses, shall be deposited in the state treasury and credited to the fund from which the property was purchased.
(c) If the fund from which the property was purchased cannot be determined, the proceeds shall be deposited in the fund designated by the budget agency.
(d) The proceeds of the sale are subject to allotment by the budget agency with the approval of the governor.
As added by P.L.7-1993, SEC.7.
Structure Indiana Code
Title 4. State Offices and Administration
Article 20.5. State Real Property
Chapter 7. Disposition of Property
4-20.5-7-1. Application of Chapter
4-20.5-7-2. Transferring Agency Head; Duties
4-20.5-7-3. Verifications by Land Offices
4-20.5-7-4.5. Effect of Deeds of Certain State Property; Legalization
4-20.5-7-4.6. Effect of Deed of Certain State Property; Legalization
4-20.5-7-5. Environmental Audit
4-20.5-7-6. Notice of Proposed Transfer
4-20.5-7-7. Transfer of Property Between Agencies or Educational Institutions
4-20.5-7-7.3. Priority for Transfers
4-20.5-7-8. Transfer to Political Subdivision or Public Utility or Sale
4-20.5-7-10. Transfer to Political Subdivision by Gift or Sale; Preference to Political Subdivisions
4-20.5-7-10.3. Appraisal of Property Transferred to Public Utility
4-20.5-7-10.5. Transfer to Public Utility; Consideration
4-20.5-7-10.7. Transfer of Property to Person for Property of Like Value
4-20.5-7-11. Sale of Abandoned Railroad Corridor Property; Exception
4-20.5-7-14. Auction Procedure
4-20.5-7-15. Sale at Less Than Appraised Value; Grant of Easement
4-20.5-7-16. Cash Sale; Proceeds Depository
4-20.5-7-16.5. Proceeds Credited to Separate Account for Purchase of Other Real Property
4-20.5-7-17. Instrument of Transfer; Signatures