Sec. 15. (a) When the authority and a governmental entity have agreed upon the lease, and before the final execution of the lease, a notice shall be published under IC 5-3-1 of a hearing to be held by the fiscal body of the governmental entity. The hearing shall be held on a day at least ten (10) days after the publication of notice. The proposed lease and any plans and specifications must be open to inspection by the public during the ten (10) day period and at the hearing.

     (b) The notice must state:

Terms Used In Indiana Code 36-10-11-15

  • Authority: refers to a building authority created under this chapter. See Indiana Code 36-10-11-2
  • Governmental entity: means a state agency, state university, or political subdivision. See Indiana Code 36-10-11-2
  • 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
(1) the date, place, and time of the hearing;

(2) a brief summary of the principal terms of the lease, including the character and location of the property to be leased;

(3) the estimated lease rental to be paid; and

(4) the period of the lease.

     (c) All interested persons are entitled to be heard at the hearing concerning the necessity for the execution of the lease and whether the lease rental is fair and reasonable. The hearing may be adjourned to a later date fixed before adjournment. Following the hearing the fiscal body may either:

(1) authorize the execution of the original lease; or

(2) authorize the execution of the lease with modifications that are agreed to by the authority.

As added by Acts 1982, P.L.218, SEC.5.

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