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(a) The term “abandons” as used in this section shall not include the nonuse of rights-of-way of a railroad that is presently inactive as a result of the insolvency of the railroad company if there are on-going efforts by either the railroad company or any governmental unit or civic organization to rehabilitate the railroad for the purpose of reestablishing rail service in the area.
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(b)
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(1) When a railroad abandons a right-of-way which was acquired by eminent domain, and where there is a municipally owned natural gas pipeline buried thereon or there is a municipally owned natural gas pipeline buried on that railroad’s right-of-way at a point within ten (10) miles of the abandoned right-of-way, the railroad shall offer to sell the abandoned right-of-way to the municipality at the fair market value of the right-of-way.
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(2) If the municipality wishes to purchase the right-of-way, the municipality shall so notify the appropriate railroad representative and the railroad shall, within sixty (60) days after being so notified, establish the fair market value of the right-of-way and offer to sell it to the municipality.
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(3) If the railroad fails to do so, the municipality may petition the circuit court for the appointment of three (3) appraisers to establish the fair market value of the right-of-way and for an order directing the railroad to offer to sell the right-of-way to the municipality for the fair market value established by the appraisers.
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(c) An offer by a railroad to sell rights-of-way for the fair market value shall constitute a continuing offer granting the municipality the first right of refusal, and, in instances where a third party makes an offer to the railroad to purchase the abandoned right-of-way, the municipality shall have thirty (30) days from the date of offer by the third party to exercise its right of first refusal.
