Indiana Code 5-1-17-28. Lease payments from taxes; budget director designee
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Terms Used In Indiana Code 5-1-17-28
- authority: refers to the Indiana stadium and convention building authority created by this chapter. See Indiana Code 5-1-17-1
- board: refers to the board of directors of the authority. See Indiana Code 5-1-17-2
- capital improvement board: refers to a capital improvement board of managers created by IC 36-10-8 or IC 36-10-9. See Indiana Code 5-1-17-4
- 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
- state agency: has the meaning set forth in Indiana Code 5-1-17-5
Sec. 28. If the authority enters into a lease with a capital improvement board under section 13 of this chapter or a state agency under section 26 of this chapter, which then enters into a sublease with a capital improvement board under section 26(b) of this chapter, and the rental payments owed by the capital improvement board to the authority under the lease or to the state agency under the sublease are payable from the taxes described in section 25 of this chapter or from the taxes authorized under IC 6-9-35, the budget director may choose the designee of the capital improvement board, which shall receive and deposit the revenues derived from such taxes. The designee shall hold the revenues on behalf of the capital improvement board pursuant to an agreement between the authority and the capital improvement board or between a state agency and the capital improvement board. The agreement shall provide for the application of the revenues in a manner that does not adversely affect the validity of the lease or the sublease, as applicable.
As added by P.L.214-2005, SEC.6.