IC 4-20.5-7-16: Cash sale; proceeds depository

Sec. 16. (a) A sale of property must be made for cash.

(b) Subject to Article 8, Section 2 of the Constitution of the State of Indiana, the proceeds of a sale, after payment of expenses, shall be deposited in the state treasury and credited to the fund from which the property was purchased.

(c) If the fund from which the property was purchased cannot be determined, the proceeds shall be deposited in the fund designated by the budget agency.

(d) The proceeds of the sale are subject to allotment by the budget agency with the approval of the governor.