Indiana Code 8-1.5-2-28. Lease of waterworks facilities; payment of operating expenses; sufficiency of rates and charges
(1) pay all property taxes and assessments levied against or on account of the leased facilities;
Terms Used In Indiana Code 8-1.5-2-28
- 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
(3) assume all responsibilities for the operation, maintenance, repair, alterations, and additions of the leased facilities.
(b) All of the expenses incurred under subsection (a) and the lease rental are payable solely from the revenues derived from water rates and charges to be collected by the lessee from property and users in the area served by the leased facilities.
(c) The lessee may establish, fix, bill, and collect rates and charges with respect to the property and users in the area served by the leased facilities that are sufficient:
(1) to pay the costs of operation, maintenance, repair, alterations, depreciation, and additions of the leased facilities; and
(2) to pay the lease rental as it becomes due.
Rates and charges too low to meet these requirements are unlawful. These rates and charges are subject to approval in accordance with IC 8-1.5-3-8.
As added by Acts 1982, P.L.74, SEC.1.