(A) (1) The Lake County minimum bid policy is hereby established as follows:
(2) The Lake County Treasurer may accept a bid on a tract or an item of real property offered for sale under I.C. 6-1.1-24-1, et seq., that is greater than or equal to the lesser of:
(a) The amount determined under I.C. 6-1.1-24-5(f) for the tract or item of real property; or
(b) Seventy-five percent (75%) of the gross assessed value of the tract or item of real property, as determined on the most recent assessment date.
(B) The Lake County Council shall deliver a copy of this section to the Lake County Treasurer and Lake County Auditor upon passage.
(Ord. 1347B, passed 5-15-2012)