Indiana Code 36-10-11-16. Lease; execution; notice; limitation on annual rental; transfer of net revenue
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Sec. 16. (a) The lease shall be executed on behalf of the governmental entity by an officer authorized by law to execute contracts for the entity and on behalf of the authority by both the president or vice president of the board and the secretary of the board of directors.
(c) A lease may not be executed with annual lease rental exceeding an aggregate of two hundred seventy-five thousand dollars ($275,000) unless the fiscal body of the lessee governmental entity finds that the estimated annual net income to the lessee governmental entity from the civic center, plus any other nonproperty tax funds made available annually for the payment of the lease rental, will not be less than the amount of the excess.
(b) Notice of the execution of the lease shall be given by the governmental entity by publication as provided in IC 5-3-1.
Terms Used In Indiana Code 36-10-11-16
- Authority: refers to a building authority created under this chapter. See Indiana Code 36-10-11-2
- Building: means a structure or a part of a structure used for a civic center or a facility that is owned by the city and used by a professional sports franchise, including the site, landscaping, parking, heating facilities, sewage disposal facilities, and other related appurtenances and supplies necessary to make the building suitable for use and occupancy. 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
(d) All net revenues of the leased building, together with any other funds made available for the payment of lease rental, shall be transferred at least annually by the lessee to a fund for payment of lease rental.
As added by Acts 1982, P.L.218, SEC.5. Amended by P.L.73-1983, SEC.23; P.L.90-2002, SEC.525; P.L.197-2016, SEC.154.