§ 16-24-1-24 — Donations conditioned upon life annuity

(a) This section applies as follows:
(1) Whenever the county executive of a county secures a site for
a county tuberculosis hospital.
(2) When a citizen offers to donate United States bonds or other
marketable bonds or securities readily convertible into money to
the county for the purpose of erection of proper buildings, or
providing equipment for the hospital upon the condition that the
county pay an annuity to the donor or a designated member of the
donor's family, annually, during the life of the donor or the
designated member in an amount:
(A) equal to the annual interest on bonds or securities donated;
or
(B) not to exceed five percent (5%) interest, annually, money
donated.
(b) The county executive, with the consent of the county fiscal body,
may contract with the donor, binding upon the county, for the annuity
described in subsection (a) upon the delivery of the bonds, securities,
or money to the county, if:
(1) the donor or designated family member is at least sixty (60)
years of age at the time of the contract; and
(2) the county executive and county fiscal body finds that it is in
the interest of the county to accept the donation and enter into the
contract.
(c) If the donation is made by husband and wife jointly, the annuity
may be paid to the husband and wife jointly so long as they both live,
and to continue to the survivor if either dies, and if both the husband
and wife were at least sixty (60) years of age at the time of entering into
the contract.
[Pre-1993 Recodification Citation: 16-11-4-1.]

Legislative History

As added by P.L.2-1993, SEC.7.