Sec. 13. (a) A county may lease land and buildings, including the necessary equipment and appurtenances, from the authority for hospital purposes. No lease on a particular building shall be entered into for a period of more than forty (40) years. However, a lease is renewable for less than forty (40) years.

     (b) A lease entered into by a county may require the funding of a reserve fund for the benefit of the authority or the authority’s assigns. To assure the maintenance of the required reserve amount in any reserve fund, the county council may appropriate for deposit in the reserve fund the sum certified by the county fiscal officer to the county council that is necessary to restore the reserve fund to an amount equal to the required reserve amount. The county fiscal officer shall annually before July 1 prepare and deliver a certificate to the county council stating the sum required to restore the reserve fund to the appropriate reserve amount. Nothing in this subsection creates a debt or liability of the county to make an appropriation.

Terms Used In Indiana Code 5-1.2-7-13

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • 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
     (c) All amounts received because of money appropriated by the county to a reserve fund must be held by the authority under the lease and applied in accordance with the lease.

As added by P.L.189-2018, SEC.25.

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