Sec. 12. (a) If the retention of the land by the department or other state agencies is determined to be impractical, the department may, with the approval of the governor, sell the land:
(1) to political subdivisions of the state at the cost of acquisition and restoration; or
(2) by public sale to the highest bidder for not less than fair market value for reclaimed land as determined by two (2) private appraisers appointed by the department.
(b) The proceeds of a sale may, upon approval of the department, be used and expended to reclaim and rehabilitate land.
[Pre-1995 Recodification Citation: 14-4-2.1-8.]
As added by P.L.1-1995, SEC.29.