Indiana Code Title 36. Local Government § 36-9-4-7

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:

(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.