Sec. 3. The value of all: (1) purchases of supplies, fixtures, and equipment; (2) purchases of real property; and (3) lease agreements and contracts; shall be appraised by the Indiana department of administration or by an independent appraiser, at the discretion of the Indiana department of administration. The cost of a purchase, lease agreement, or contract may not exceed the appraised value. [Pre-2016 Revision Citation: 9-16-2-3.]
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