Indiana Code 8-22-3.7-5. Creation of authority
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Terms Used In Indiana Code 8-22-3.7-5
- development authority: refers to an airport development authority created by this chapter. See Indiana Code 8-22-3.7-3
- eligible entity: means the following:
Indiana Code 8-22-3.7-4.5
- 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
Sec. 5. A “__________ Airport Development Authority” (the blank to be filled in with the name of the eligible entity) may be created by an eligible entity as a separate body corporate and politic and as an instrumentality of the eligible entity to finance airport projects for lease to the authority in that eligible entity. A development authority may be created by ordinance of the legislative body of the eligible entity.
As added by P.L.108-1993, SEC.11.