§ 20-47-2-10 — Lease preceding acquisition of land

A school corporation or corporations may,
in anticipation of the acquisition of a site and the construction and
erection of a school building or buildings, enter into a lease with a
lessor corporation before the actual acquisition of the site and the
construction and erection of the building or buildings. However, a lease
entered into under this section may not provide for the payment of any
lease rental by the lessee or lessees until the building or buildings are
ready for occupancy, at which time the stipulated lease rental may
begin. The contractor must furnish to the lessor corporation a bond
satisfactory to the lessor corporation conditioned upon the final
completion of the building or buildings within the period specified in
the contract.
[Pre-2006 Recodification Citation: 21-5-11-6.]

Legislative History

As added by P.L.2-2006, SEC.170.