§ 16-22-7-20 — Cumulative building fund as lease rental payment source

Part or all of the cumulative building fund
of the city hospital in existence at the time of execution of the lease to
the lessee, or during the term of the lease, may be used to pay lease
rental or may be held as a reserve for the payment of future lease
rentals. The reserve fund described in this section is distinct from a
reserve fund established under section 19 of this chapter. The board of
directors of the hospital may decrease or eliminate the reserve fund
unless the lease provides otherwise. The reserve fund may not exceed
an amount equal to the amount of lease rental payable from net
revenues for two (2) years. Interest or income on the reserve fund shall
be transferred to the cumulative building fund of the city hospital.
[Pre-1993 Recodification Citation: 16-12-20.5-13.]

Legislative History

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