Indiana Code 36-7-23-53. Lease of infrastructures
(b) A lease may provide that payments by the authority to the lessor are required only to the extent and only for the period that the lessor is able to provide the leased infrastructure in accordance with the lease. The terms of each lease must be based upon the value of the infrastructure leased and may not create a debt of the authority or a member for purposes of the Constitution of the State of Indiana.
Terms Used In Indiana Code 36-7-23-53
- authority: refers to a multiple jurisdiction infrastructure authority established under this chapter. See Indiana Code 36-7-23-1
- board: refers to the board of directors of the authority. See Indiana Code 36-7-23-2
- 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) The authority may:
(1) pledge revenues to make payments under the lease; and
(2) establish a special fund to make the payments.
(e) Lease rentals may be limited to money in the special fund so that the obligations of the authority to make the lease rental payments are not considered debt of the authority or a member for purposes of the Constitution of the State of Indiana.
(f) Except as provided in this section, no approvals of any governmental body or agency are required before the authority enters into a lease under this section.
As added by P.L.346-1989(ss), SEC.7. Amended by P.L.86-1999, SEC.19.