Indiana Code 36-10-7.5-26. Contracts or leases with not-for-profit corporations
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Sec. 26. (a) The executive may enter into a lease or a contract with a not-for-profit corporation providing detailed terms and conditions for the following:
(2) The charging of admission.
(1) The performance of historical pageants and entertainments.
Terms Used In Indiana Code 36-10-7.5-26
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
(3) The maintenance of the facilities.
(b) The contract must not extend for a longer term than the term of the bonds.
As added by P.L.157-1991, SEC.15.