Sec. 34. (a) A lease from the authority to the commission under section 32 of this chapter shall give the commission an option to purchase the leased property before the expiration of the term of the lease:

(1) on the date or dates in each year that are fixed by the lease; and

Terms Used In Indiana Code 5-1-17.5-34

  • authority: refers to the Indiana finance authority. See Indiana Code 5-1-17.5-4
  • bonds: has the meaning set forth in Indiana Code 5-1-17.5-6
  • commission: refers to the Indiana motorsports commission created by this chapter. See Indiana Code 5-1-17.5-9
  • 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
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • qualified motorsports facility: means a facility that:

    Indiana Code 5-1-17.5-14

  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) at a price to be computed by a method set forth in the lease.

However, such a lease may not provide, or be construed to provide, that the commission is under an obligation to purchase the leased structures or improvements or is under an obligation respecting any creditors or bondholders of the authority.

     (b) If the commission does not exercise the option to purchase the property, then upon the expiration of the lease and upon full performance by the commission, the property becomes the absolute property of the commission or the authority’s leasehold interest in such property terminates, as applicable. The authority shall take the steps necessary to convey title or such leasehold interest to the commission.

     (c) If the commission purchases the leased property as provided in subsection (a) or in the event described in subsection (b), the commission may convey, with or without consideration, its ownership or leasehold interest, as applicable, in such property to the owner or owners of the qualified motorsports facility. However, the commission shall not convey its ownership or leasehold interest in any such property to the owner or owners of the qualified motorsports facility until:

(1) the date on which the aggregate amount of credits provided to the owner or owners of the qualified motorsports facility under IC 4-10-23 equals or exceeds the aggregate of the amount of money appropriated to the commission and used to pay rent by the commission to the authority under any lease entered into between the authority and the commission under this chapter and any expenses that are incurred by the authority or the commission under this chapter and are not paid out of such rent; and

(2) all bonds issued by the authority under section 37 of this chapter are no longer deemed outstanding.

As added by P.L.233-2013, SEC.5.

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