IC 21-36-3-1 Applicability of chapter
Sec. 1. This chapter applies to the following state educational
institutions:
(1) Indiana University.
(2) Purdue University.
(3) Indiana State University.
(4) Ball State University. As added by P.L.2-2007, SEC.277.
IC 21-36-3-2 Supplemental effect of chapter
Sec. 2. This chapter shall at all times be construed as
supplemental to all other statutes providing for the sale of real estate
by a state educational institution. As added by P.L.2-2007, SEC.277.
IC 21-36-3-3 Authority to sell or convey real property
Sec. 3. The board of trustees of a state educational institution may
sell and convey any real estate title that is in the name of the:
(1) board of trustees of the state educational institution; or
(2) state of Indiana for the use and benefit of the state
educational institution;
as provided in this chapter. As added by P.L.2-2007, SEC.277.
IC 21-36-3-4 Sale or conveyance of property received by gift or bequest
Sec. 4. The board of trustees of a state educational institution may
determine that any real estate:
(1) that was not acquired by gift or devise; and
(2) for which the title of the real estate is in the name of the:
(A) state educational institution; or
(B) state of Indiana for the use and benefit of the state
educational institution;
is not needed for any of the purposes of the state educational
institution and that it would be advantageous for the state educational
institution to give or sell the real estate. As added by P.L.2-2007, SEC.277.
IC 21-36-3-5 Determination on disposition of property; resolution
Sec. 5. If a determination is made under section 4 of this chapter
to dispose of real estate, the board of trustees of the state educational
institution shall adopt a resolution and send a copy of the resolution,
duly certified, to the governor.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-6 Real property value determination by appraisal
Sec. 6. Except as provided in section 7 of this chapter, the value
of the real estate to be sold and conveyed under this chapter shall be
determined by three (3) disinterested appraisers appointed by the
governor. Real estate may not be sold or conveyed for less than the
appraised value. As added by P.L.2-2007, SEC.277.
IC 21-36-3-7 Disposition of real property; procedures
Sec. 7. The board of trustees of a state educational institution may
give or sell real estate in the manner provided by this chapter to:
(1) the state;
(2) a state agency; or
(3) a political subdivision;
for any or no consideration, as determined by the board of trustees of
the state educational institution and the governmental entity to which
the real estate is transferred. As added by P.L.2-2007, SEC.277.
IC 21-36-3-8 Sale price
Sec. 8. The price that is agreed on by the purchaser and the board
of trustees under this chapter shall be certified by the board of
trustees of the state educational institution to the treasurer of the state
educational institution. As added by P.L.2-2007, SEC.277.
IC 21-36-3-9 Purchase money
Sec. 9. The purchaser or purchasers of real estate that:
(1) has been sold; or
(2) is to be conveyed;
under this chapter shall pay the purchase money to the treasurer of
the state educational institution selling the real estate for the use and
benefit of the state educational institution. As added by P.L.2-2007, SEC.277.
IC 21-36-3-10 Issuance of receipt
Sec. 10. The treasurer of the state educational institution shall
issue a receipt to the purchaser of real estate being sold or conveyed
under this chapter. As added by P.L.2-2007, SEC.277.
IC 21-36-3-11 Purchaser of real property; duties
Sec. 11. A purchaser of real property under this chapter shall
submit to the auditor of the state:
(1) the receipt issued from the treasurer of the state educational
institution selling real estate under this chapter; and
(2) a request to convey title to real estate in the form of a
certified copy of the resolution of the board of trustees of the
state educational institution setting forth the terms and
conditions of the sale and conveyance of the real estate. As added by P.L.2-2007, SEC.277.
IC 21-36-3-12 Presentation of documents; procedures
Sec. 12. Upon presentation of the documents required under
section 11 of this chapter:
(1) the auditor of state shall execute a deed of conveyance to the
purchaser;
(2) the governor shall sign the deed; and
(3) the auditor of state shall officially attest the deed with the
seal of the state of Indiana. As added by P.L.2-2007, SEC.277.
IC 21-36-3-13 Proceeds of sale or conveyance; use
Sec. 13. The proceeds derived from the sale and conveyance of
real estate under this chapter must be received and kept by the state
educational institution selling the real estate in a separate and distinct
fund. As added by P.L.2-2007, SEC.277.
IC 21-36-3-14 Authority to reinvest proceeds from the sale of real property
Sec. 14. The board of trustees of a state educational institution,
with the approval of the governor, may reinvest and use the proceeds
from the sale of real estate under this chapter, as the board of trustees
of the state educational institution finds will provide the greatest
benefit to the state educational institution, for the purchase or
improvement, or both, of other real estate acquired or to be acquired
in the name of the:
(1) state educational institution; or
(2) state of Indiana for the use and benefit of the state
educational institution. As added by P.L.2-2007, SEC.277.
IC 21-36-3-1 Applicability of chapter
Sec. 1. This chapter applies to the following state educational
institutions:
(1) Indiana University.
(2) Purdue University.
(3) Indiana State University.
(4) Ball State University. As added by P.L.2-2007, SEC.277.
IC 21-36-3-2 Supplemental effect of chapter
Sec. 2. This chapter shall at all times be construed as
supplemental to all other statutes providing for the sale of real estate
by a state educational institution. As added by P.L.2-2007, SEC.277.
IC 21-36-3-3 Authority to sell or convey real property
Sec. 3. The board of trustees of a state educational institution may
sell and convey any real estate title that is in the name of the:
(1) board of trustees of the state educational institution; or
(2) state of Indiana for the use and benefit of the state
educational institution;
as provided in this chapter. As added by P.L.2-2007, SEC.277.
IC 21-36-3-4 Sale or conveyance of property received by gift or bequest
Sec. 4. The board of trustees of a state educational institution may
determine that any real estate:
(1) that was not acquired by gift or devise; and
(2) for which the title of the real estate is in the name of the:
(A) state educational institution; or
(B) state of Indiana for the use and benefit of the state
educational institution;
is not needed for any of the purposes of the state educational
institution and that it would be advantageous for the state educational
institution to give or sell the real estate. As added by P.L.2-2007, SEC.277.
IC 21-36-3-5 Determination on disposition of property; resolution
Sec. 5. If a determination is made under section 4 of this chapter
to dispose of real estate, the board of trustees of the state educational
institution shall adopt a resolution and send a copy of the resolution,
duly certified, to the governor.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-6 Real property value determination by appraisal
Sec. 6. Except as provided in section 7 of this chapter, the value
of the real estate to be sold and conveyed under this chapter shall be
determined by three (3) disinterested appraisers appointed by the
governor. Real estate may not be sold or conveyed for less than the
appraised value. As added by P.L.2-2007, SEC.277.
IC 21-36-3-7 Disposition of real property; procedures
Sec. 7. The board of trustees of a state educational institution may
give or sell real estate in the manner provided by this chapter to:
(1) the state;
(2) a state agency; or
(3) a political subdivision;
for any or no consideration, as determined by the board of trustees of
the state educational institution and the governmental entity to which
the real estate is transferred. As added by P.L.2-2007, SEC.277.
IC 21-36-3-8 Sale price
Sec. 8. The price that is agreed on by the purchaser and the board
of trustees under this chapter shall be certified by the board of
trustees of the state educational institution to the treasurer of the state
educational institution. As added by P.L.2-2007, SEC.277.
IC 21-36-3-9 Purchase money
Sec. 9. The purchaser or purchasers of real estate that:
(1) has been sold; or
(2) is to be conveyed;
under this chapter shall pay the purchase money to the treasurer of
the state educational institution selling the real estate for the use and
benefit of the state educational institution. As added by P.L.2-2007, SEC.277.
IC 21-36-3-10 Issuance of receipt
Sec. 10. The treasurer of the state educational institution shall
issue a receipt to the purchaser of real estate being sold or conveyed
under this chapter. As added by P.L.2-2007, SEC.277.
IC 21-36-3-11 Purchaser of real property; duties
Sec. 11. A purchaser of real property under this chapter shall
submit to the auditor of the state:
(1) the receipt issued from the treasurer of the state educational
institution selling real estate under this chapter; and
(2) a request to convey title to real estate in the form of a
certified copy of the resolution of the board of trustees of the
state educational institution setting forth the terms and
conditions of the sale and conveyance of the real estate. As added by P.L.2-2007, SEC.277.
IC 21-36-3-12 Presentation of documents; procedures
Sec. 12. Upon presentation of the documents required under
section 11 of this chapter:
(1) the auditor of state shall execute a deed of conveyance to the
purchaser;
(2) the governor shall sign the deed; and
(3) the auditor of state shall officially attest the deed with the
seal of the state of Indiana. As added by P.L.2-2007, SEC.277.
IC 21-36-3-13 Proceeds of sale or conveyance; use
Sec. 13. The proceeds derived from the sale and conveyance of
real estate under this chapter must be received and kept by the state
educational institution selling the real estate in a separate and distinct
fund. As added by P.L.2-2007, SEC.277.
IC 21-36-3-14 Authority to reinvest proceeds from the sale of real property
Sec. 14. The board of trustees of a state educational institution,
with the approval of the governor, may reinvest and use the proceeds
from the sale of real estate under this chapter, as the board of trustees
of the state educational institution finds will provide the greatest
benefit to the state educational institution, for the purchase or
improvement, or both, of other real estate acquired or to be acquired
in the name of the:
(1) state educational institution; or
(2) state of Indiana for the use and benefit of the state
educational institution. As added by P.L.2-2007, SEC.277.
IC 21-36-3-1 Applicability of chapter
Sec. 1. This chapter applies to the following state educational
institutions:
(1) Indiana University.
(2) Purdue University.
(3) Indiana State University.
(4) Ball State University. As added by P.L.2-2007, SEC.277.
IC 21-36-3-2 Supplemental effect of chapter
Sec. 2. This chapter shall at all times be construed as
supplemental to all other statutes providing for the sale of real estate
by a state educational institution. As added by P.L.2-2007, SEC.277.
IC 21-36-3-3 Authority to sell or convey real property
Sec. 3. The board of trustees of a state educational institution may
sell and convey any real estate title that is in the name of the:
(1) board of trustees of the state educational institution; or
(2) state of Indiana for the use and benefit of the state
educational institution;
as provided in this chapter. As added by P.L.2-2007, SEC.277.
IC 21-36-3-4 Sale or conveyance of property received by gift or bequest
Sec. 4. The board of trustees of a state educational institution may
determine that any real estate:
(1) that was not acquired by gift or devise; and
(2) for which the title of the real estate is in the name of the:
(A) state educational institution; or
(B) state of Indiana for the use and benefit of the state
educational institution;
is not needed for any of the purposes of the state educational
institution and that it would be advantageous for the state educational
institution to give or sell the real estate. As added by P.L.2-2007, SEC.277.
IC 21-36-3-5 Determination on disposition of property; resolution
Sec. 5. If a determination is made under section 4 of this chapter
to dispose of real estate, the board of trustees of the state educational
institution shall adopt a resolution and send a copy of the resolution,
duly certified, to the governor.
As added by P.L.2-2007, SEC.277.
IC 21-36-3-6 Real property value determination by appraisal
Sec. 6. Except as provided in section 7 of this chapter, the value
of the real estate to be sold and conveyed under this chapter shall be
determined by three (3) disinterested appraisers appointed by the
governor. Real estate may not be sold or conveyed for less than the
appraised value. As added by P.L.2-2007, SEC.277.
IC 21-36-3-7 Disposition of real property; procedures
Sec. 7. The board of trustees of a state educational institution may
give or sell real estate in the manner provided by this chapter to:
(1) the state;
(2) a state agency; or
(3) a political subdivision;
for any or no consideration, as determined by the board of trustees of
the state educational institution and the governmental entity to which
the real estate is transferred. As added by P.L.2-2007, SEC.277.
IC 21-36-3-8 Sale price
Sec. 8. The price that is agreed on by the purchaser and the board
of trustees under this chapter shall be certified by the board of
trustees of the state educational institution to the treasurer of the state
educational institution. As added by P.L.2-2007, SEC.277.
IC 21-36-3-9 Purchase money
Sec. 9. The purchaser or purchasers of real estate that:
(1) has been sold; or
(2) is to be conveyed;
under this chapter shall pay the purchase money to the treasurer of
the state educational institution selling the real estate for the use and
benefit of the state educational institution. As added by P.L.2-2007, SEC.277.
IC 21-36-3-10 Issuance of receipt
Sec. 10. The treasurer of the state educational institution shall
issue a receipt to the purchaser of real estate being sold or conveyed
under this chapter. As added by P.L.2-2007, SEC.277.
IC 21-36-3-11 Purchaser of real property; duties
Sec. 11. A purchaser of real property under this chapter shall
submit to the auditor of the state:
(1) the receipt issued from the treasurer of the state educational
institution selling real estate under this chapter; and
(2) a request to convey title to real estate in the form of a
certified copy of the resolution of the board of trustees of the
state educational institution setting forth the terms and
conditions of the sale and conveyance of the real estate. As added by P.L.2-2007, SEC.277.
IC 21-36-3-12 Presentation of documents; procedures
Sec. 12. Upon presentation of the documents required under
section 11 of this chapter:
(1) the auditor of state shall execute a deed of conveyance to the
purchaser;
(2) the governor shall sign the deed; and
(3) the auditor of state shall officially attest the deed with the
seal of the state of Indiana. As added by P.L.2-2007, SEC.277.
IC 21-36-3-13 Proceeds of sale or conveyance; use
Sec. 13. The proceeds derived from the sale and conveyance of
real estate under this chapter must be received and kept by the state
educational institution selling the real estate in a separate and distinct
fund. As added by P.L.2-2007, SEC.277.
IC 21-36-3-14 Authority to reinvest proceeds from the sale of real property
Sec. 14. The board of trustees of a state educational institution,
with the approval of the governor, may reinvest and use the proceeds
from the sale of real estate under this chapter, as the board of trustees
of the state educational institution finds will provide the greatest
benefit to the state educational institution, for the purchase or
improvement, or both, of other real estate acquired or to be acquired
in the name of the:
(1) state educational institution; or
(2) state of Indiana for the use and benefit of the state
educational institution. As added by P.L.2-2007, SEC.277.
