Indiana Code 4-12-14-6. Conditions for entering into sublease
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Sec. 6. The budget agency may not enter into a sublease under section 5 of this chapter unless the following conditions are met:
(A) acquisition;
(1) The total:
Terms Used In Indiana Code 4-12-14-6
- Columbus Learning Center: refers to a multipurpose educational facility to be located in Columbus, Indiana, and leased by the board of aviation commissioners of the city of Columbus, Indiana, to Columbus Learning Center Management Corporation. See Indiana Code 4-12-14-1
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- 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
- sublease: refers to an agreement between the budget agency and Columbus Learning Center Management Corporation to lease space in the Columbus Learning Center for use by the participating entities. See Indiana Code 4-12-14-4
(B) construction;
(C) initial installation; and
(D) initial equipping;
costs for the Columbus Learning Center that are to be financed through lease rental revenue bonds is twenty-five million dollars ($25,000,000) or less, excluding amounts necessary to provide money for debt service reserves, credit enhancement, or other costs incidental to the issuance of bonds.
(2) The director of the budget agency has certified in writing to the legislative council that there is an unmet higher education need that the Columbus Learning Center will correct.
As added by P.L.220-2011, SEC.27.