§ 16-22-6-17 — Payment of lease rentals from a cumulative building fund

(a) If a lease provides for the payment of
lease rentals for a cumulative building fund, part or all of the
cumulative building fund and the tax levied for the cumulative building
fund may be committed and pledged to the payment of lease rental. To
the extent the amount is insufficient to pay the lease rental, the lease
must provide that the remaining lease rental be paid entirely from the
net revenues of the hospital. As long as the lease remains in effect:
(1) the amount of the cumulative building fund committed and
pledged may not be expended by the lessee for any other purpose;
and
(2) the tax levy for that cumulative building fund may not be
reduced or rescinded by the county council.
(b) If a lease provides for payment of lease rental as provided in this
section, the approval of the county fiscal body is not required for the
lease or the sale of land by the county to the authority under section 16
of this chapter.
[Pre-1993 Recodification Citation: 16-12-20-12.5
part.]

Legislative History

As added by P.L.2-1993, SEC.5.