§ 21-34-3-4.5 — State educational institution lease or sublease to acquire or improve real property

Indiana § 21-34-3-4.5

• Jurisdiction: Indiana
• Title 21: HIGHER EDUCATION
• Art. 34: STATE EDUCATIONAL INSTITUTIONS:
• Ch. 3: Building Facilities, Equipment, Land

Text

5. Notwithstanding section 4(a)(1)(B) of this
chapter, the board of trustees of a state educational institution may
acquire and improve, under this article or any other applicable law, real
property (improved or unimproved) by lease or sublease for a period
exceeding forty (40) years but not exceeding one hundred fifty (150)
years under the following conditions:
(1) The board of trustees determines the real property to be
necessary for the purposes set forth in section 4(b) of this chapter.
(2) The parties to the lease or sublease are both state educational
institutions.
(3) The board of trustees of each such state educational institution
approves the terms, conditions, liens, and encumbrances to which
the lease or sublease is subject.

Legislative History

As added by P.L.201-2023, SEC.232.