Indiana Code 5-22-17-5. Funds not appropriated or available; contract cancellation; exemption for lease of state owned property
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Sec. 5. (a) This section does not apply to a contract for the lease of property owned by the state under which no state expenditures are required.
(c) A determination by the fiscal body that funds are not appropriated or otherwise available to support continuation of performance is final and conclusive.
(b) When the fiscal body of the governmental body makes a written determination that funds are not appropriated or otherwise available to support continuation of performance of a contract, the contract is considered canceled.
Terms Used In Indiana Code 5-22-17-5
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
As added by P.L.49-1997, SEC.1. Amended by P.L.177-2021, SEC.2.