§ 10.40 — Lease agreement

Illinois § 10.40

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 70: SPECIAL DISTRICTS
• Act 70 ILCS 508/: Joliet Arsenal Development Authority Act.

Text

"Lease agreement" means an agreement under which a project acquired by the Authority by purchase, gift, or lease is leased to any person or governmental agency that will use or cause the project to be used as a project upon terms providing for lease rental payments at least sufficient to pay when due the lessee's pro rata share of all principal of and interest and premium, if any, on any revenue bonds, notes, or other evidences of indebtedness of the Authority issued with respect to the project, providing for the maintenance, insurance, and operation of the project on terms satisfactory to the Authority, and providing for disposition of the project upon termination of the lease term, including purchase options or abandonment of the premises, with such other terms as may be deemed desirable by the Authority.

Legislative History

(Source: P.A. 89-333, eff. 8-17-95; 90-83, eff. 7-10-97.)