Indiana Code 8-22-3.7-9. Purposes of authority
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Sec. 9. The development authority is organized for the following purposes:
(2) Financing and constructing additional improvements to airport projects owned by the development authority and leasing them to the authority.
(1) Financing, constructing, and leasing airport projects to the authority.
Terms Used In Indiana Code 8-22-3.7-9
- development authority: refers to an airport development authority created by this chapter. See Indiana Code 8-22-3.7-3
- 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
(3) Acquiring all or a portion of one (1) or more airport projects from the authority by purchase or lease and leasing these airport projects back to the authority, with any additional improvements that may be made to them.
(4) Acquiring all or a portion of one (1) or more airport projects from the authority by purchase or lease to fund or refund indebtedness incurred on account of those airport projects to enable the authority to make a savings in debt service obligations or lease rental obligations or to obtain relief from covenants that the authority considers to be unduly burdensome.
As added by P.L.108-1993, SEC.11.