Sec. 17. (a) The capital improvement board may lease for a nominal lease rental, or sell to the authority, one (1) or more capital improvements or portions thereof or land upon which a capital improvement is located or is to be constructed.

     (b) Any lease of all or a portion of a capital improvement by the capital improvement board to the authority must be for a term equal to the term of the lease of that capital improvement back to the capital improvement board.

Terms Used In Indiana Code 36-10-9.1-17

  • authority: refers to the county convention and recreational facilities authority created by this chapter. See Indiana Code 36-10-9.1-2
  • board: refers to the board of directors of the authority. See Indiana Code 36-10-9.1-3
  • bonds: means bonds, notes, or other evidence of indebtedness. See Indiana Code 36-10-9.1-4
  • capital improvement board: refers to the capital improvement board of managers created by IC 36-10-9. See Indiana Code 36-10-9.1-5
  • 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
     (c) The capital improvement board may sell property to the authority for such amount as it determines to be in the best interest of the capital improvement board, which amount may be paid from the proceeds of bonds of the authority.

As added by P.L.82-1985, SEC.12.

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