City or town purchasing permit issued in excess of quota;

return and retirement of permit Sec. 10. (a) This section applies to a permit subject to a quota under this article that: (1) exceeds the permissible number of permits under the quota; and (2) is eligible for renewal by law despite the permit exceeding the quota. (b) A city or town may purchase a permit described in subsection (a) from the permit holder. The purchase price must be agreed to by: (1) the permit holder; and (2) the executive (as defined in IC 36-1-2-5) of the respective city or town, with the approval of the legislative body (as defined in IC 36-1-2-9) of the respective city or town. (c) The executive of a city or town that purchases a permit under subsection (b) shall return the permit to the commission. (d) The commission shall retire a permit received under subsection (c) and may not issue to another person a permit received under subsection (c). As added by P.L.66-1998, SEC.1.