Sec. 7. (a) Prior to the opening for public use of any bridge, the construction of which is authorized by this chapter, the authority shall:
(1) purchase the ferry, equipment, franchises, rights, and privileges used in connection with the operation of any ferry which has been in continuous operation for at least fifteen (15) years prior thereto and which is located within two (2) miles of the site of said bridge; and
(2) pay the owner therefor a fair cash value.
(b) In the event the authority and the owner of such ferry shall be unable to agree upon a fair cash value, the valuation of such property shall be determined in the manner provided by law for the condemnation of property for appropriate county purposes by counties. In the event the owner of such ferry shall not agree to the establishment of such valuation according to the method specified in this subsection, then in such event, the authority shall not be required to purchase such assets from the owner of the ferry.
Formerly: Acts 1939, c.79, s.6a; Acts 1957, c.192, s.1. As amended by Acts 1980, P.L.74, SEC.265; P.L.109-1983, SEC.36.