Indiana Code 8-22-3.7-10. Authorized activities of authority; dissolution
(1) finance, improve, construct, reconstruct, renovate, purchase, lease, acquire, and equip airport projects;
Terms Used In Indiana Code 8-22-3.7-10
- airport project: has the meaning set forth in Indiana Code 8-22-3.7-1
- Bequest: Property gifted by will.
- bonds: means bonds, notes, or other evidences of indebtedness issued by the development authority. See Indiana Code 8-22-3.7-2
- Contract: A legal written agreement that becomes binding when signed.
- development authority: refers to an airport development authority created by this chapter. See Indiana Code 8-22-3.7-3
- development board: refers to the board of directors of a development authority. See Indiana Code 8-22-3.7-4
- Devise: To gift property by will.
- eligible entity: means the following:
Indiana Code 8-22-3.7-4.5
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
- Personal property: All property that is not real property.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) sue, be sued, plead, and be impleaded, but all actions against the development authority must be brought in the circuit or superior court of the county in which the development authority is located;
(4) lease, rent, purchase, and hold any real or personal property needed or considered useful in connection with airport projects;
(5) acquire real or personal property by gift, devise, or bequest and hold, use, or dispose of that property for the purposes authorized by this chapter;
(6) with permission of the owner or occupant, enter upon any lots or lands for the purpose of surveying or examining them to determine the location of an airport project;
(7) design, order, contract for, and construct, reconstruct, and renovate any airport projects or improvements thereto;
(8) employ managers, superintendents, architects, engineers, attorneys, auditors, clerks, construction managers, and other employees necessary for construction of airport projects or improvements to them;
(9) make and enter into all contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under this chapter; and
(10) take any other action necessary to implement its purposes as set forth in section 9 of this chapter.
(b) Whenever the development board determines that the purposes for which the development authority was formed have been substantially fulfilled and that all bonds issued and all other obligations incurred by the development authority have been fully paid or satisfied or provision for the payment of the bonds and obligations has been made in accordance with the terms of the resolution or trust indenture securing them, the development board may declare the development authority dissolved. On the effective date of the resolution of dissolution, the title to all funds and other property owned by the development authority at the time of the dissolution vests in the authority. However, if the authority is not in existence, the title vests in the eligible entity.
As added by P.L.108-1993, SEC.11.