Sec. 1. (a) Within one (1) year after the opening for public use of any interstate bridge, the construction of which is authorized by any law of the state, regardless of the state agency, commission, or administrative body authorized to make such construction, the state agency, commission or administrative body so authorized to construct, operate, and maintain any interstate bridge shall purchase the ferry, equipment, real estate or interests therein, 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 ten (10) miles of the site of the bridge, and pay the owner therefor a fair cash value. If the agency, commission, or administrative body and the owner of the ferry shall be unable to agree upon a fair cash value, the valuation of the 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 the ferry shall not agree to the establishment of the valuation according to the foregoing method, then the agency, commission, or administrative body shall not be required to purchase the assets from the owner of the ferry.

(b) In the event that any agency, commission, or administrative body shall purchase any ferry, equipment, or real estate or interests therein, they shall forthwith proceed to have appraised and to sell the ferry, equipment, and real estate or rights. After the appraisal and proposed sale of the property, it shall be first offered for sale for a period of not less than ninety (90) days to the local, county, or municipal unit of government in which the ferry, equipment, and real estate or rights therein are situated.

Formerly: Acts 1961, c.334, s.1. As amended by Acts 1978, P.L.56, SEC.1; P.L.18-1990, SEC.29.