Indiana Code 16-22-3-3. Lease of property
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Sec. 3. (a) The governing board may lease real or personal property, with or without an option to purchase, on reasonable terms and conditions. If a lease agreement gives the hospital an option to purchase the property and if any part of the lease rental is to be applied on the purchase price if the option is exercised, the agreement shall be treated as a purchase and is subject to this chapter and other Indiana laws relating to purchases by county hospitals.
(b) The governing board may authorize the purchase or lease of a hospital building from the Indiana finance authority established by IC 5-1.2-3.
[Pre-1993 Recodification Citations: 16-12.1-4-3; 16-12.1-4-5.]
As added by P.L.2-1993, SEC.5. Amended by P.L.43-1993, SEC.19; P.L.189-2018, SEC.142.
Terms Used In Indiana Code 16-22-3-3
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes personal and real property. See Indiana Code 1-1-4-5