Indiana Code 16-22-7-37. Tax levy for lease rental payments
(b) If the lease rental is payable from taxes, net revenues of the hospital of which the leased buildings are a part that are not required to be kept in reserve for additional construction, equipment, betterment, maintenance, or operation shall be transferred to a fund for the payment of the lease rental. To the extent that the transferred funds are insufficient to pay the lease rental, cumulative building funds reserved for lease rental payable from taxes under section 20 of this chapter shall be transferred.
Terms Used In Indiana Code 16-22-7-37
- authority: means the hospital association created by section 5 of this chapter. See Indiana Code 16-22-7-1
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(d) A lease by the authority to the county may not provide for rentals payable from the levy of a tax by a county unless the lease is approved by a majority vote of the county fiscal body.
[Pre-1993 Recodification Citation: 16-12-20.5-22.]
As added by P.L.2-1993, SEC.5. Amended by P.L.197-2016, SEC.115.